Caroline Hepker

war in Iran.

Ten-year Treasury yields up five basis points at 437.

U.K.

gilt yields also up five basis points and yields rising across Europe.

Worries around inflation.

The Bloomberg Dollar Spot Index is also strong at three-tenths of 1%.

So those are the markets.

That's news when you want it with Bloomberg News Now.

I'm Caroline Hepker.

And this is Bloomberg.

We'll be right back.

News when you want it with Bloomberg News Now.

I'm Caroline Hepker.

US allies are meeting to prepare a diplomatic outreach to Iran, which is starting to operate the Strait of Hormuz like a toll booth.

A Bloomberg investigation reveals how Iran-friendly tankers are being given secret codes and charged around a dollar per barrel of oil that they're transporting in order to get safe passage through the strait.

Reopening the strait has become a key priority for governments around the world, with the UK Prime Minister, Keir Starmer, pushing for talks.

The British leader has been a frequent target of the White House for refusing to join the war.

Those talks at Starmer References are happening later today in London and the US is not expected to be attending them.

Well, the Trump administration is also preparing to outline a tiered system for tariffs on steel and aluminium products.

50% of tariffs on a large number of derivatives products will be maintained, while other products will be tariffed at a lower 25% rate and some will fall below that level.