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Oil surged as the Iran war threatened to snarl shipping lanes, stoking inflation fears that pummeled bonds amid diminishing odds for a rate cut. The dollar rose. Stocks erased losses.
Also weighing on Treasuries were figures showing manufacturing expanded, with input prices jumping. Ten-year yields headed toward their biggest advance since April. The S&P 500 was little changed after a slide that earlier topped 1%. Energy and defense shares gained. Several tech firms with solid balance sheets rallied. Airlines sank. Gold topped $5,300.

The near halt to traffic through the Strait of Hormuz and disruption at a big refinery in Saudi Arabia underscored the threat to oil supplies. West Texas Intermediate jumped 6.3% to settle at $71.23. European natural gas prices soared as Qatar shut the world’s largest LNG export plant.

As US-Israeli strikes on Iran reverberated across the Middle East, President Donald Trump called on the nation’s leaders to capitulate, while the Islamic Republic’s security chief ruled out negotiations. US Defense Secretary Pete Hegseth rejected the idea of an “endless” war.

Today's show features:
Michael Contopoulos, Deputy Chief Investment Officer at Richard Bernstein Advisors, on the equity and fixed income market reaction to the latest armed conflict in the Middle East
Mona Yacoubian, Director and Senior Adviser, Middle East Program at the Center for Strategic and International Studies, on the major Middle East escalation as the US and Israel battle against Iran and its proxies
Marcelo P. Lima, Founder and Managing Partner at Heller House, on the threat of AI to fintech jobs following Block’s 40% staff reduction
Cole Smead, Chief Executive Officer and Portfolio Manager of Smead Capital Management, on the energy market reaction to the military action across the Middle East
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Vir Biotechnology Vir is a clinical-stage biopharmaceutical company focused on powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. The company on Monday announced new data from the ongoing Phase 1 clinical trial of VIR-5500, a prostate-specific membrane antigen (PSMA)-targeting, PRO-XTEN dual-masked T-cell engager (TCE) being evaluated in patients with advanced metastatic castration-resistant prostate cancer (mCRPC) who have progressed after multiple lines of therapy. These data suggest that VIR-5500 monotherapy is well tolerated and exhibits promising anti-tumor activity.

Marianne De Backer, Ph.D., the CEO at Vir Bio, discusses the progress being made with the firm's leading treatments, the runup in its share price thus far in 2026, and why partnerships are key to advancing Vir's impact. Dr. De Backer speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.
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The US and Israel began striking targets across Iran, with President Donald Trump urging Iranians to overthrow the government in a conflict that threatens to spiral across the oil-rich Middle East.

“The hour for your freedom is at hand,” Trump said, addressing Iranians in a video posted on Truth Social on Saturday. “When we’re finished, take over your government. It will be yours to take. This will be probably your only chance for generations.”

The military campaign could be a defining moment for Trump, risking a drawn-out regional war that leads to a surge in energy prices and American casualties ahead of mid-term elections this year. Iran quickly responded by firing missiles on Israel and US bases around the region, and countries in the Persian Gulf closed their airspace.

Israel’s military said the campaign would target “dozens of military targets,” and Iran media reported strikes on defensive and civilian sites, including more than 50 people dead in a strike on a school in Hormozgan, in the south of the country. Several large explosions were reported in the capital, Tehran.
Bloomberg's David Gura and Christina Ruffini lead our team coverage in this instant reaction podcast.
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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
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