Ed Kalecki

and Israel bombed Iran with Iranian media saying the waterway is practically closed.

Ships reported hearing a radio broadcast purporting to come from the Iranian Navy announcing that transit through the waterway was banned.

There's been no formal announcement from Tehran about the status of the strait, which is crucial for the flow of oil and gas.

But several tankers that had been heading toward Hormuz turned around in recent hours.

A large number had already paused to wait near the entrance to the waterway after the bombing started.

The disruption is impacting everything from crude oil tankers to container ships that carry furniture.

OPEC will consider a larger supply increase when key members meet Sunday following U.S.

and Israeli airstrikes on targets in Iran.

Bloomberg's Monica Ricks reports.

The timing of the U.S.

and Israeli strikes in Iran comes at a holy time for the religious community throughout the Middle East.

We get more on that from Bloomberg's Dan Williams.

Bloomberg's Dan Williams.

There have been some questions about the president's authority to attack Iran without congressional approval.

Former National Security Advisor and Ambassador to the United Nations John Bolton talked about it on Bloomberg this weekend.

John Bolton on Bloomberg this weekend.

You can hear more of the show tomorrow at 7 a.m.

Eastern.

Well, the reaction poured in as the day went on from all over the world.

Russia called the strikes unprovoked aggression.