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Reports President Trump says ceasefire extension unlikely without Iran deal, fighting may resume, Strait of Hormuz blocked until agreement.

Amy Morris

Oil prices are higher. Bloomberg Intelligence senior commodity strategist Mike McGlone.

Amy Morris

Mike McGlone

If prices don't go down, that surplus of supply versus demand in the US and Canada, which is running around 8 million barrels a day, it's going to go to 10 million barrels a day by 2028.

This is a market. It's a bear market that's bounced much, much more likely to go down.

Mike McGlone

And the key thing that might make it go down to that level by the end of the year. Is the stock market dropping a bit?

Bloomberg's Mike McGlone WTI now 6% higher, around $89 a barrel. Brent crude five and a half percent higher, near $96 per barrel.

Amy Morris

Kuwait declared force majeure on shipments due to Strait of Hormuz blockade, output at 1990s levels.

Amy Morris

All of this drove stocks lower. The S&P 500 is down 4/10 of a percent. Nasdaq down 6/10 of a percent and the Dow down a 10th of a percent.

Amy Morris