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Good morning. Oil prices soar as Middle East tensions flare again. The fight for hedge fund talent reaches extreme levels. And how niche insurance shielded Bad Bunny from bad weather. Listen to the day’s top stories. — Tiago Ramos Alfaro
The US Navy seized an Iranian ship, “blowing a hole” in its engine room after it ignored warnings to stop, and Tehran reimposed controls in the Strait of Hormuz. The moves cast further doubt on prospects for peace talks before a ceasefire expires in the coming days, sending oil prices higher and triggering a fresh selloff in stocks. Read our breakdown of a chaotic weekend of gunfire, reversals and rising tensions in the crucial maritime route. Traffic through Hormuz is at a near standstill after the waterway’s brief and confused reopening. Experts predict the war could deepen China’s dependence on the US for the niche gas ethane as petrochemical producers look for alternative stocks. One solution being proposed is a new oil pipeline linking Iraq’s Basra oil fields to a Turkish Mediterranean terminal. At the pump, US gas prices may remain at $3 per gallon or even higher until next year, Energy Secretary Chris Wright told CNN. That’s at odds with Treasury Secretary Scott Bessent’s more upbeat outlook for relief by the summer. He said last week he was “optimistic” that prices will ease over the crucial summer driving season. In the UK, a scandal over a former US envoy’s links to Jeffrey Epstein continued to hurt the government with Prime Minister Keir Starmer set to address parliament. Details about Peter Mandelson’s appointment as ambassador to the US—despite his links to China, Russia and Epstein—are forcing Starmer to confront the issue head-on as calls for his resignation grow. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% offDeep Dive: Trump’s Orbit
President Trump with oil executives on Jan. 9.
Photographer: Jim Lo Scalzo/EPA
For decades, the world’s biggest commodity traders have sought to remain outside of politics, doing deals with buying or selling natural resources. Now, Trump is changing the rules of the game.
The Big Take
Illustration: Vincent Kilbride
The fight for talent among hedge funds is reaching new extremes, with firms offering ever-larger sums to poach their rivals’ hires before they can even start the job. And clients are footing the bill via opaque “passthrough” fees. OpinionWhat is the price of oil—the real one? There’s no neat answer to this dreaded question, Javier Blas writes. In the midst of the Iran war, that fact has not changed. 
More Opinions Play Alphadots!Our daily word puzzle with a plot twist. 
Today’s clue is: Lines of credit? Before You Go
Bad Bunny performs in Medellin, Colombia, on Jan. 23.
Photographer: Fredy Builes/Getty Images via Getty Images South America
When storm clouds threatened Bad Bunny’s Medellín shows, insurers got creative. A pop-up weather station inside the stadium powered a bespoke policy, paying out if rain crossed a set threshold. The concerts went ahead, but the experiment showcased a fast-growing tool: hyper-local insurance for an increasingly unpredictable climate. A Couple More Bloomberg Tech returns to San Francisco June 3-4, convening leading CEOs, investors and innovators shaping the future. Drawing on Bloomberg’s global newsroom and Terminal data, we’ll explore the capital, connectivity and ideas driving the industry forward. Register here. More From BloombergEnjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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Asia regulators monitor Anthropic's Mythos for potential banking risks
Some Asian regulators said on Monday they were monitoring the development and possible implications of Anthropic's frontier AI model Mythos, which has triggered concerns in the U.S. and Europe over its potential use to destabilise banking systems. ...