Stephen Carroll

Looking at oil prices, Executive Director at the International Energy Agency, Fatih Birol, says the worst is yet to come.

Fatih Beral told reporters he expects prices to rise, warning it could take up to two years to recover production from damaged energy facilities.

That's bad news for the likes of Schroders CEO Richard Oldfield, who's warning that oil prices above $100 a barrel

is a pain point for growth.

The boss of the asset management firm says he's telling his clients not to panic.

IMF chief Kristalina Georgieva summed up the ominous noises, saying ahead of her forecast today, quote, buckle up.

Sales at luxury giant LVMH's biggest division fell at the beginning of this year as conflict hurt demand in the key shopping hub of Dubai.

Bloomberg's Tiwa Adebayo has more.

And those are your top stories on the markets.

Oil prices 1% lower for Brent crude this morning, $98.33.

WTI is down by 1.9%.

Natural gas prices in Europe are falling as well, down 3.4% on the Dutch TTF benchmark.

Equities rising in Asia and European stock futures are up by six tenths of 1%.

As we get closer to the start of the cash trade, the Bloomberg Dollar Spot Index a little weaker this morning.

The euro is at 117.64.

I'm Stephen Carroll.

And this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Stephen Carroll.

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