Trumps demands Hormuz help

Bloomberg Morning Briefing Americas

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Good morning. Donald Trump demands other nations should help secure passage through the Strait of Hormuz, while Iran denies it wants a truce. And Paul Thomas Anderson finally gets his Oscar moment. Listen to the day's top stories. — Hellmuth Tromm Market Snapshot S&P 500 Futures 6,728.50 +0.6% Nasdaq 100 Futures 24,800.50 +0.8% Bloomberg Dollar Spot Index 1,212.01 -0.4% WTI Crude Oil Futures $97.30 -1.4% Market data as of 07:01 AM ET. Data is subject to provider delays. Your watchlist Donald Trump urged China and other countries to help secure shipping in the Strait of Hormuz, saying the US is in talks "with about seven" nations. The response, including from Japan, was muted, with Trump's ever-shifting explanations for the war and its endgame leaving allies and adversaries unsure what to expect. Iran denied Trump's claim that it wants ceasefire talks and launched fresh attacks across the Persian Gulf, forcing a suspension of some flights at Dubai's main airport and striking the key UAE oil-export port of Fujairah for the second time in three days. Saudi and UAE officials called for an immediate halt to the escalation, as Goldman warned Gulf economies risk their worst slump since the early-1990s Gulf War. Trump Says He Wants to Finish Iran War Before Tackling Cuba Read more Oil markets look set for more turmoil, with the benchmark Brent price spiking above $106 a barrel at the start of the week. Bond markets also remain in oil's grip as investors start to ponder whether inflation fears will soon give way to concerns about growth. US stocks looked poised to stabilize after days of losses, while gold wavered around $5,000 and Bitcoin remained stuck in limbo. Back on the trade front, US and Chinese officials are holding a second day of talks in Paris to map out plans for a summit between Trump and Xi Jinping—even as the US president threatened to delay the meeting if Beijing doesn't help unblock the Hormuz waterway. The Big Take People refuel vehicles and motorcycles at a petrol station in Dhaka, Bangladesh. Photographer: Fabeha Monir/Bloomberg The Iran war has sparked an energy emergency that's being felt most acutely in Asia, where billions face gas outages and potential fuel rationing. It offers the rest of the world a glimpse of a potentially uncomfortable future, with smuggling and factory disruptions that may spread if the conflict drags on. Big Take Podcast The Next Front in the Global Tariff War Deep Dive: PE Pushback A billboard for Superior Plumbing. Photographer: Audra Melton for Bloomberg Businessweek Private equity has long been encroaching on America's mom and pop companies, with small-business owners say they're fending off sometimes multiple inquiries a day from investment bankers and PE firms. But now a pushback is brewing. Private equity likes small firms, the backbone of the US economy, because they're often recession-proof and in fragmented industries ripe for consolidation. This fits the classic PE playbook: roll up small competitors, raise margins and cash out after a few years. But critics warn it's hollowing out the sector. Backers say buyout firms bring capital, help businesses grow and modernize, and can keep founders involved through minority stakes. Opinion Donald Trump walks on the South Lawn of the White House. Photographer: Samuel Corum/Sipa/Bloomberg The game theory of the Persian Gulf is no longer comforting, but points to more escalation, John Authers writes. For all that Trump wants a brief war, the window for an easy TACO ("Trump Always Chickens Out") exit is closed. More Opinions Javier Blas The Biggest Oil Risk Is at the Bottom of the Barrel Jonathan Levin The US Is Flirting With Stagflation. What Kind? Play Alphadots! Our daily word puzzle with a plot twist. Today's clue is: Canned good? Play now! Before You Go The cast and crew of "One Battle After Another" onstage to accept the Best Picture award. Photographer: Kevin Winter/Getty Images North America Veteran filmmaker Paul Thomas Anderson finally got his Oscar moment as One Battle After Another stormed the Academy Awards, taking best picture, director and adapted screenplay. He said he wrote the sweeping drama—featuring Leonardo DiCaprio and best supporting actor winner Sean Penn—as an apology to his children for the troubled world they're inheriting. One More US Fans Finally Get F1, Just in Time for Its Wildest Season Melinda French Gates reflects on the choices that set her path — from Microsoft executive to philanthropist and now founder of Pivotal. She shares how values-based leadership, resilience and the courage to embrace "the next day" have guided her through change, power and public scrutiny. Listen or watch Leaders with Lacqua wherever you get your podcasts. More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too: Markets Daily for what's moving in stocks, bonds, FX and commodities Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen Supply Lines for daily insights into supply chains and global trade FOIA Files for Jason Leopold's weekly newsletter uncovering government documents never seen before Explore all newsletters at Bloomberg.com. 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