Nathan Hager

That's roughly one-tenth of global demand due to the effective closure of the Strait of Hormuz.

And now, Karen, investors turn their focus to key economic data.

The Consumer Price Index this morning is expected to start reflecting early impacts from the war.

We get more from Bloomberg's Michael McKee in Washington.

I'm Nathan Hager, and this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Nathan Hager.

Day two of the ceasefire between the U.S.

and Iran is holding, but just barely.

Both sides are preparing for direct talks in Pakistan this weekend.

But key issues like the Strait of Hormuz and Israel's war with Hezbollah are still unresolved.

Nick Wadhams covers national security for Bloomberg News.

Bloomberg's Nick Wadhams reporting from Washington.

Iran's president says negotiations are meaningless if Israel continues to attack Lebanon.

NBC News is reporting that President Trump has asked Israeli Prime Minister Benjamin Netanyahu to scale back attacks.

A senior administration official tells the network Israel has agreed to be a, quote, helpful partner.

A spokesperson for the Israeli embassy did not respond to a request for comment.

Bloomberg Intelligence Senior Defense Research Analyst Wayne Sanders says the U.S.

is looking for three things from Iran, missiles, money and monitoring.

Retired Colonel Wayne Sanders with Bloomberg Intelligence, the U.S.