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University of Michigan Surveys of Consumers Director Joanne Hsu discusses the persistent consumer pessimism despite stable macro indicators. She says the cost of living and high prices, especially a recent spike in gas prices, remain the dominant concern and are now clearly showing up in weaker demand. She speaks on "Bloomberg Open Interest."

Max Layton, Citigroup Inc.'s global head of commodities research, says oil prices will keep "moving around like crazy" as traders parse the conflicting signals coming out of Washington about if the Iran war is coming to an end. He speaks on Bloomberg Television's Surveillance.

Stephen Schork, principal and editor at The Schork Group, explains how a potential deal to end the Iran war can impact the global oil market and why US gasoline prices are unlikely to reach $5 a gallon.

Steven Mnuchin, founder of Liberty Strategic Capital and former US Treasury Secretary, says he supports the proposal released by the Securities and Exchange Commission that will allow US companies to choose to report earnings semiannually. Speaking at the Milken Institute Global Conference in Beverly Hills, California, Mnuchin also comments on the economic impact of AI, the conflict in Iran, the federal budget deficit and Federal Reserve monetary policy.

Chevron CFO Eimear Bonner says the company's portfolio is resilient to recent geopolitical risks. Speaks on "Bloomberg The Close," Bonner also comments on the company's buyback strategy and rising oil prices.

US President Donald Trump has vowed to maintain a naval blockade on Iran, reiterating that the policy is depriving the Islamic Republic of much-needed oil revenue. West Texas Intermediate, the main US crude marker, rallied toward $111 a barrel on Thursday, while Brent, the global benchmark, topped $126. Iran's Supreme Leader Mojtaba Khamenei cast doubt on the prospects of a deal, vowing not to give up the Islamic Republic's nuclear or missile technologies, and signaling Tehran would keep control of the Strait of Hormuz. The American Automobile Association says in California, the average statewide price for regular gasoline rose to $6.01, the highest since October 2023. Skyrocketing pump prices are a major political risk for President Donald Trump's White House, especially ahead of the midterm elections. Bloomberg's Charlie Wells explains on "The Pulse with Francine Lacqua."

National Economic Council Director Kevin Hassett says productivity gains should help keep core prices under control and it would be a mistake for the Federal Reserve and ECB to hike rates during what he sees as a temporary oil shock. Speaking on "Bloomberg Surveillance," Hassett also weighs in on Fed Chair Jerome Powell's plans to stay on at the central bank once his term as chairman ends.

Shell is entering an 'inflection point' according to CEO Wael Sawan as it faces rising pressure on supply from the conflict in the Middle East and growing demand for energy. Sawan discusses the company's latest M&A and the global energy crunch with Caroline Hyde and Ed Ludlow on "Bloomberg Tech."

Higher fuel prices due to the war in Iran are weighing on American Airlines. The carrier lowered its full-year earnings target even after beating on earnings for the quarter. Bloomberg's Siddharth Phillip reports.

Chancellor Friedrich Merz said he plans to convene Germany's national security council, adding that the council is empowered to take immediate action to ensure the nation's energy security if needed. Meanwhile, Germany's sovereign wealth fund, known as Kenfo, is abandoning long-held restrictions on investing in weapons manufacturers. Bloomberg's Oliver Crook reports.