News when you want it with Bloomberg News now, I'm Nathan Hager.

And I'm Karen Moscow. Karen, it is day 13 of the war with Iran

and the impact on the global energy supply is spreading.

We get the very latest from Bloomberg's Jumana Versace in Dubai.

What we're seeing is attacks taking place on the northern part of the

Persian Gulf. So to tankers off the coast of Iraq.

So this is way north of the Strait of Hormuz, were set on fire this morning,

reportedly ablaze. And then further south of the Strait of

Hormuz yesterday evening, the key port of Salalah in Oman was also struck.

That's a fuel depot. And earlier, out of an abundance of

caution, vessels were asked to evacuate the area.

Another key export terminal in the region, Oman, exports about 1 million

barrels a day of oil through that ports and it is on the Gulf of Oman.

It is not on the Strait of Hormuz. Bloomberg Middle East correspondent

Jomana Versace reports. This follows attacks on other ships in

the Gulf. The UK says a projectile struck a vessel

today in the United Arab Emirates. And the Thai Navy says a cargo ship was

attacked yesterday as it tried to exit the Strait of Hormuz.

Well, Nathan, the world is responding to these attacks as an unprecedented move

to shore up the energy market. The International Energy Agency says its

members will release 400 million barrels of oil from their emergency reserves.

That's more than twice the previous record.

After Russia's invasion of Ukraine. 172 million of those barrels will come

from the U.S. And President Trump says that should

ease price pressures. Oil prices are already coming back down

and it's going to come down, but we're not leaving until that job is finished.

It is going to be very fast. President Trump spoke at a rally in

Kentucky last night, but Energy Secretary Chris Wright says getting all

the oil out could take a while. The release is certainly out of the U.S.

Strategic Petroleum Reserve. They'll go over about four months.

But this conflict, I don't think, goes that long.

I think we will have the Straits of Hormuz open well before then.

Energy Secretary Chris Wright appeared on Fox News.

Sources told Bloomberg President Trump is also preparing to use Cold War era

powers to revive oil production off the Southern California coast.

Bloomberg Economics says a one month closure of the Strait of Hormuz could

send oil prices near $105 a barrel. And looking at prices again right now

only makes crude oil is up more than 6%. It's at $92.53 a barrel.

Brent is at $97.99. And there's more fallout from the war

here. And the International Energy Agency says

the Middle East conflict will slash global oil supplies by 8 million barrels

a day this month, or about seven and a half percent.

The IEA says the Mideast war is the biggest supply disruption in the history

of the oil market. Well, Nathan, Republican Senator Rand

Paul is warning that the ongoing war in Iran could hurt his party in the midterm

elections. Speaking on a Bloomberg Surveillance of

power with Joe Matthew, the Kentucky Republican also said the war is putting

the U.S. more in debt.

Right now, our military, we spend more on the military than the next ten

countries combined. So for people to argue we're not

spending enough, we're spending more than the next ten countries combined.

We spend plenty on. Our military needs to be spent wisely.

But there's been an extraordinary amount on two wars and two wars in one month.

I mean, for goodness sakes, there's also another war with Cuba as we speak,

right? So, yes, it costs money.

That cost lives, most importantly. But they also cost money.

And I'm just not for I'm not providing for the war in Venezuela, not for the

war in Iran, and I'm certainly not for a war with Cuba.

And catch our full interview with Kentucky Senator Rand Paul on our new

video experience on the Bloomberg business app.

Karen, several top banks are telling their staff to stay away from offices in

Dubai and other locations in the Middle East.

Bloomberg's team on a buyout has the latest from London.

Several major Wall Street banks have already been allowing their employees to

work from home since the start of the Iran war.

Now, some big names are instructing colleagues to exit their offices in the

region. Bloomberg understands that the likes of

Goldman Sachs and Citigroup have told their office to stay away from their

Dubai offices. And some lenders have also offered staff

the option to temporarily leave the country.

The news comes as Iran continues to strike targets in the Middle East.

A representative for Goldman Sachs declined to comment, while Citigroup

said in a statement that all of its employees are accounted for and safe in

London. Do you want to buy a plane by Grazia?

All right. Thank you.

Well, we are continuing to see the market reaction to the war.

Global bonds have surrendered their year to date gains Elevated oil prices are

stoking fears that inflation will reignite, triggering a sell off across

fixed income markets. The Bloomberg Global Aggregate Index is

now flat for 2026. It was up as much as 2.1% this year.

Just. Before President Trump launched the

attack on Iran. And stock futures are falling this

morning, Karen, right now, S&P and NASDAQ futures are both down a half

percent. Dow futures are lower by 6/10 of 1%.

Sarah Hunt, chief market strategist at Alpine Saxon Woods, says this is a

difficult time for investors. Longer term, I think investing is always

been you always bounce back from problems.

The question is how long does it take you to bounce back?

And right now, I think the U.S. equity markets, even though the headline

indices are close to all time highs underneath, you've seen a lot of damage

already to specific sectors. So there are definitely places to look

in the market for investing. But I think you have to have a pretty

strong and at this particular time, because it is difficult to see that

you're going to get away from the volatility that we're seeing right now.

And investors don't love volatility. Alpine Saxon Woods chief market

strategist Sarah Hunt. And speaking of volatility, the VIX,

Wall Street's so-called fear gauge is trading back near 25 this morning.

And that's news when you wanted with the Bloomberg News.

Now. I'm Kara in Moscow.

I'm Nathan Hager and this is Bloomberg.