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US-Iran tensions over the Strait of Hormuz heightened after a flurry of military strikes at the start of the week, with neither side prepared to cede ground over the crucial waterway. It caused a surge in oil prices that rippled through global markets, hitting stocks and bonds on worries that higher energy costs will fuel inflation and force the Federal Reserve to boost rates. Bloomberg News Senior Editor Wendy Benjaminson has latest details on fighting in the Middle East, while Bloomberg News Macro Strategist Frank Monkam explains the impacts on the energy and bond markets.

On today's episode:

• Wendy Benjaminson, Bloomberg News Senior Editor
• Frank Monkam, Bloomberg News Macro Strategist
• Heather Lavallee, Voya Financial CEO
• Elizabeth Rambert, Bloomberg News Municipal Finance Reporter