Author name: Commodities Market Writer

The United Arab Emirates’ decision to leave OPEC won’t lead to an imminent price war since the Iran conflict has throttled producers’ ability to unleash supplies, Russian Deputy Prime Minister Alexander Novak said.

UBS Group AG’s wealth-management business in the Americas showed tentative signs of revival after a period of client fund outflows and departures by key staff.

UBS Group AG Chief Financial Officer Todd Tuckner said that recent developments have cooled excitement among the lender’s rich clients about private credit, adding to the challenges facing the asset class.

Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia.

On today’s show, US President Donald Trump has told aides to prepare for an extended US Naval blockade of the Strait of Hormuz. That’s according to the Wall Street Journal, which says Trump has determined that this is a less risky option than resuming bombing or extracting the US from the conflict entirely.

The UAE’s shock decision to exit OPEC has blindsided its partners of six decades, leaving the cartel fighting to stay relevant in a fast-shifting global oil market.

And UBS, Santander and Deutsche Bank all reported first quarter earnings that sailed past estimates.

Today’s guests: Bill Farren-Price, The Oxford Institute for Energy Studies, Head of Gas Research; Raja Akram, Deutsche Bank, CFO; Håkan Samuelsson, Volvo Cars, CEO (Source: Bloomberg)

PetroChina Co. posted its best ever quarterly profit as China’s largest oil and gas producer benefited from rising energy prices due to the war in the Middle East.

A broad advance in technology stocks this earnings season will mask a growing divergence between software and hardware names, the latest Markets Pulse survey shows.

An aging Iranian supertanker has appeared at Kharg Island after years off the radar, a sign that Tehran could be using retired ships to keep loading oil as its storage space runs out.