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Eurasia Group's Ian Bremmer says President Donald Trump doesn't have the ability to reopen the Strait of Hormuz right now. But he does say Iran is desperate. He speaks to Joe Mathieu and Carol Massar at the Milken Global Conference.

Business activity in the euro area unexpectedly shrank for the first time since late 2024 due to a steep drop in the services sector as the Iran war weighs on consumers. The Composite PMI compiled by S&P Global declined to 48.6 in April from 50.7 the previous month, dropping below the 50 threshold separating growth from contraction. In the UK PMI data showed that the private sector quickly bounced back from a slowdown caused by the Iran war as firms rushing to secure supplies and price pressures mounting. Hugh Gimber, Global Market Strategist, JP Morgan joined Stephen Carroll on Bloomberg Radio to discuss. he says business costs are 'rising sharply.'

Oil and gas prices plunged early Friday after Iran said the Strait of Hormuz is now completely open to traffic. But Bloomberg's Mia Gindis says it may take some time for tanker traffic to bounce back. She reports on "Bloomberg Open Interest."

Oil rose a second day after Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, but futures remain on track for their biggest weekly loss since June. According to Saudi Arabia's press agency, the nation's production capacity has been cut by around 600,000 barrels a day. Bloomberg's Anthony di Paola breaks down the situation.

Bloomberg's Benedikt Kammel discusses the impact of the two-week ceasefire between the US and Iran on airlines and the implications for jet fuel prices and air fares.

Bloomberg Opinion columnist Javier Blas says the war in Iran, and the blockage of the Strait of Hormuz, has prompted warnings about another bout of global food inflation similar to the one that followed Russia's invasion of Ukraine. Despite those fears, the agricultural market isn't at risk today, at least in the short term. Oil prices may be soaring, but the world's plentiful food stocks are helping to keep commodity prices in check. However, if the US doesn't find an off-ramp from the war, rising energy and fertilizer costs could eventually push the farming industry to a breaking point. Speaking to Stephen Carroll on Bloomberg Radio Javier Blas says we're not there yet though.

Israel will take control of large parts of southern Lebanon and prevent more than 600,000 residents from returning to their homes as part of the campaign against Hezbollah. Bloomberg's Dan Williams reports.

President Donald Trump said he foresaw ending the war on Iran within two to three weeks, suggesting the US had largely accomplished its military goals and would leave it to other nations to resolve issues with the Strait of Hormuz. Patrick Schoettmer, Associate Professor of Political Science at Seattle University spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the US reaction to the Iran war.

Oil whipsawed after the Wall Street Journal reported President Trump telling aides he's willing to end the military campaign in Iran even if the crucial Strait of Hormuz remains largely closed. Sasha Foss, Energy Analyst at CSC Commodities Marex spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the future of oil prices.

Property developers in the UAE have held calls with investors to allay concerns over a potential liquidity crunch after their bonds slipped into distressed territory. Katralnada BinGhatti, CEO & Managing Director of BinGhatti Holding spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche about the plans they're putting in place to deal with the regional situation.