Jeff Mason

The US military conducted strikes on Iran for the second consecutive day, escalating violence that risks straining an already fragile ceasefire.

President Donald Trump said he’s making a 'final determination' on a preliminary deal to extend a ceasefire with Iran, as mixed messages from both sides over when an agreement might be struck continued to confuse the outlook for a breakthrough.

The Strait of Hormuz oil shock has not yet caused a demand crash as wealthy nations draw from reserves and pay higher prices to secure supply. Traders warn of an impending harsh adjustment. Bloomberg journalists discuss the situation in a political context.

President Trump stated he is 'highly unlikely' to extend the Iran ceasefire beyond Wednesday evening Washington time if no peace deal is reached. The truce, announced earlier, faces expiration without a resolution by the deadline.