Caroline Hepker

European stocks are up 0.6% and there seems to be a debate now about whether

Stocks are decoupling a little bit from oil prices or not after we saw the S&P 500 gain more than 1% yesterday.

5,100 is also up a quarter of 1%.

Stock futures are in the green.

10-year U.S.

yields down 2.5 basis points.

And yields across Europe also declining quite significantly, actually.

Italian BTPs dropping 9 basis points, 3.79.

This as we're also seeing the dollar weaken 0.2%.

Those are the markets.

I'm Caroline Hepka and this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Caroline Hepker.

A US naval blockade of the Strait of Hormuz is now in effect, cutting ships off from Iranian ports.

The move comes as Washington and Tehran are said to be discussing another round of talks after last weekend's negotiations ended without a deal.

Speaking to Fox News last night, the Vice President J.D.

Vance, who led the US delegation in that first round, had this message for Iran.

J.D.

Vance was speaking as a U.S.-sanctioned tanker linked to China makes its way through the Strait of Hormuz, posing a major test of the American blockade.

It's not clear whether the ship visited Iranian ports, but the vessel is broadcasting that it has a Chinese owner and crew.