Business and finance news from the Asia-Pacific.

Oil surged by the most in four years, before paring some gains as traders assessed the effective closure of the Strait of Hormuz triggered by the US-Israeli war against Iran. For more on the markets, we turn to Paul Dobson, Bloomberg's Executive Editor for Asia Markets.

Plus - President Donald Trump said the bombing campaign against Iran will continue until its objectives are achieved, calling on the nation's leaders to capitulate as a report indicated at least one top official in Tehran sought to resume nuclear talks with the US.  The actions in Iran have drawn criticism from members of Congress. We heard from Madeleine Dean, Democratic Congresswoman from Pennsylvania. She spoke to Bloomberg's Joe Mathieu and Kailey Leinz on Balance of Power.