Monica Ricks

Monica Ricks, Bloomberg Radio.

News when you want it with Bloomberg News Now.

I'm Monica Ricks.

The U.S.

is now searching for the crew of an American fighter jet shot down over Iran.

Their fate is unclear, but U.S.

officials say a task force is now scrambling to reach them before Iran could get to any possible survivors.

According to the New York Times, the war plane was shot down the same day President Trump celebrated the American bombing of an Iranian highway bridge and warned on social media there would be much more to follow.

Meantime, Iran targeted more sites in Arab Gulf states overnight.

A drone attack caused a fire at an oil refinery in Kuwait, and other attacks were reported in Abu Dhabi and Saudi Arabia.

Later today, the United Nations Security Council will likely vote on a resolution to reopen the Strait of Hormuz, which remains mostly shut.

U.S.

job growth rebounded in March and the unemployment rate unexpectedly fell, suggesting the labor market was stabilizing as the war in Iran started.

But Wolf Research economist Stephanie Roth tells us that could change over the next few months.

She says the solid increase will likely reinforce the Fed's focus on inflation risks amid a rapid run-up in energy prices.

Stocks did bounce back a bit from sharp declines on Thursday, and oil soared with Brent crude topping $109 a barrel.

JPMorgan Chase has warned that oil prices could spike over $150 a barrel if supply disruptions drag into mid-May.

American and European markets are closed for Good Friday, but in Asia, the Nikkei in Japan closed up 1.3% today, the Hang Seng in Hong Kong lost 0.7%, and China's CSI 300 was down about 0.8%.

President Trump's preparing to release a new budget plan, framing his party's midterm message around a massive defense buildup.

Bloomberg's Amy Morris has more from Washington.