Amy Morris

The S&P 500 jumping to session highs and the dollar hitting the day's low.

We check markets for you all day long here at Bloomberg.

WTI down 1.5%, near $101 per barrel.

Brent crude down nearly 3%, around $104 per barrel.

The S&P 500 is up 2.4%.

NASDAQ gaining 3.3%.

The Dow up 2%.

The 10-year Treasury yield at 4.3 percent, the two-year yield at 3.77 percent.

Bloomberg Dollar Spot Index down about a half a percent, and Bitcoin is up nearly 1.5 percent, topping $67,000.

Now, President Trump earlier lashed out at allies for not supporting the U.S.

war in Iran, arguing the U.S.

will not fight for their interests as they struggle to get jet fuel that's blocked from traveling through the Strait of Hormuz.

Defense Secretary Pete Hegseth echoed Trump's criticism of NATO and other allies for not pitching in on military operations.

Hegseth stated U.S.

strikes are damaging the morale of the Iranian military, leading to widespread desertions and that regime change has occurred in Iran.

U.S.

Trade Representative Jameson Greer says the bottleneck in the Strait of Hormuz is likely to impact other countries before the U.S.

Trade Representative Jameson Greer spoke exclusively on Bloomberg surveillance.

Sources tell Bloomberg Christine Lagarde challenged Treasury Secretary Scott Besant's optimism that the Iran war's economic fallout will be short-lived.

The president of the European Central Bank told Besant and other G7 officials the effects of the war would be felt for a long time because so much has already been destroyed.