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Bob Michele, global head of fixed income at JPMorgan Asset Management, says, 'let the markets go wherever they're going," as he discusses the impact of the war in Iran and the prospect of inflation on the bond market.

"There really aren't any hedges in this context," says Russ Koesterich, Global Allocation Fund portfolio manager at BlackRock, as he explains how the firm is bringing down risk in the current market environment.

French Foreign Affairs Ministry Spokesperson Pascal Confavreux speaks to Bloomberg's Oliver Crook as the G-7 gather in France, with Rubio in attendance to sell the Iran war to skeptical allies.

Pernod Ricard and Brown-Forman are discussing a merger to consolidate amid an industry downturn. A combination would bring together Pernod's brands like Martell Cognac and Absolut Vodka with Brown-Forman's whiskeys such as Jack Daniel's and other brands including Fords Gin and Herradura tequila. Bloomberg's Manuel Baigorri reports.

Lizzy Burden, Tom Mackenzie and Paul Dobson break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade."

Fabiana Fedeli, CIO of multi-asset at M&G Investments, says investors need to look beyond the Iran war and focus on long-term fundamentals. "It is very difficult right now taking a position on the market only based on oil prices," Fedeli tells Bloomberg Television. "You need to go one step beyond that."

Hugh Gimber, global market strategist at JPMorgan Asset Management, discusses market positioning as the Iran war continues and Macquarie said oil may hit a record $200 a barrel if the conflict drags on until June. "I think it would be a recession at $200 a barrel," Gimber tells Bloomberg Television. "That's why we're seeing such focus on finding an off-ramp," he adds.

Spain said Algeria will increase gas supplies to the nation as global energy markets face heightened instability linked to the war in Iran. The African country is already Spain's main gas supplier via the Medgaz pipeline, which links the two countries across the Mediterranean. Bloomberg's Priscila Azevedo Rocha reports.

Oil steadied as US President Donald Trump again pushed back a deadline for striking Iran's energy. Brent crude is on pace for a record monthly gain in March. Bloomberg's Anthony di Paola reports.

Iran indicated Thursday it was still awaiting a response after rejecting a US 15-point plan to end the war and offering its own conditions that would include recognition of its authority over the Strait of Hormuz. Meanwhile, Malaysian Prime Minister Anwar Ibrahim said Iran has allowed Malaysian vessels trapped in the Persian Gulf to return home through the Strait of Hormuz. Bloomberg's Joumanna Bercetche reports.