Tiwa Adebayo

President Zelensky says his country has been forced to respond to Russian aggression.

Ukraine's President Vladimir Zelensky.

The joint statement comes after Putin rejected a ceasefire proposal last week and an escalation in military action over the weekend.

According to a report from the Downing Street meeting, any deal with Putin would require Russia to meet demands, including security guarantees for Ukraine and a stop to the fighting.

Two of Italy's top banks are staging a takeover battle for Monte de Paschi.

This morning, Intesa San Paolo has offered to buy the Italian lender for 30.6 billion euros in a mix of shares and cash.

That offer comes a day after a rival bid from Banco BPM.

They proposed a tie-up with Monte de Paschi worth more than 50 billion euros.

The deal-making showdown is part of a two-year push to consolidate Italy's finance sector and shares in Monte de Paschi up as much as 12.2% this morning.

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

I'm Tiwa Adebayo.

News when you want it with Bloomberg News Now.

I'm Tiwa Adebayo.

And I'm Caroline Hepker.

Oil prices have risen by around 5% as fresh Israeli and Iranian strikes pile pressure on what appears to now be a ceasefire in name only.

Iran has launched a new wave of attacks just hours after firing ballistic missiles at Israel.

Israel has responded with strikes on military targets across western and central Iran.

The Islamic Republic's semi-official Fars news agency reports that Israel also struck a petrochemical company in a fresh offensive over the past few hours.

The renewed hostilities follow Hezbollah attacks on targets in northern Israel over the weekend, which prompted an Israeli strike on Beirut's southern suburbs.

Honor Ant is Bloomberg's managing editor for the Middle East and North Africa.