Erika Herskowitz

And in the NBA tonight, it is do or die for the Cleveland Cavaliers.

The Knicks can lock up a spot in the NBA final for the first time since 1999.

The two teams tip off in Cleveland with the Knicks leading the best of seven set, three games to none.

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

I'm Erica Herskowitz and this is Bloomberg.

News when you want it with Bloomberg News Now, I'm Erika Herskowitz.

Global stocks approached record highs and oil is falling as U.S.

officials signal they're close to a deal with Iran to reopen the Strait of Hormuz and restore oil flows.

Secretary of State Marco Rubio says it's a work in progress.

Rubio talking to reporters in New Delhi this morning as he continues his visit to India to talk trade and energy security.

Brent crude's down nearly 5% at $98 a barrel.

U.S.

markets are closed for Memorial Day today, but stocks are still trading overseas.

The FTSE in London closed ahead nearly a quarter of a percent.

The CAC in Paris, up nearly 2%.

The DAX in Germany, 2% higher.

And the Nikkei in Japan led a rally in Asia, closing above 65,000 for the first time.

It was up 2.8%.

The Hang Seng in Hong Kong added a tenth of a percent.

China's CSI 300 gained 1.5%.