Amy Morris

Constitutional lawyer Rob McWhirter on balance of power.

Trump says Deputy Attorney General Todd Blanch will step in to serve as acting attorney general.

Democratic Representative Robert Garcia posted on social media that Bondi is still legally obligated to appear for a hearing on Capitol Hill regarding the Justice Department's handling of the Epstein files.

Oil surged after President Trump, during his address to the nation last night, vowed an escalation in the war in Iran over the coming weeks.

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.

It takes everything down, and then it will eventually go down.

Bloomberg's Mike McGlone, WTI, now up more than 11% at nearly $112 per barrel.

Brent crude is up more than 7.5%, pushing $109 per barrel.

And markets are starting to pare back losses after state-run media reported that Iran is drafting a protocol with Oman for traffic through the Strait of Hormuz.

The report says the protocol will not constitute restrictions.

Iran's deputy foreign minister says Tehran will set tolls for ships passing through the strait.

Stocks are off their lows for the session.

The S&P 500 down 0.3%, NASDAQ down 0.4%, the Dow down about 0.5%, the 10-year Treasury yield at 4.3% and the 2-year yield at 3.79%.

Bitcoin is down more than 2%, around $67,000.

Shares of top asset managers slid after Blue Owl Capital.

said it would limit redemptions from two of its private credit funds after facing a surge in withdrawal requests.

Oak Tree Capital Management CEO Armin Pinozian tells Bloomberg TV, this isn't a private credit problem, it is a vintage problem.

Blue Owl's stock is down about 4% after hitting a record low earlier in the day.

Applications for unemployment fell last week as layoffs remain sparse despite a softening labor market and rising energy costs.

Bloomberg's Michael McKee.