Top Overnight News Oil jumped after Donald Trump ordered a blockade of the Strait of Hormuz, escalating tensions with Iran after the collapse of weekend peace talks. The blockade starts at 10 a.m. ET and applies to all maritime traffic entering and exiting Iranian ports. Iran’s military said it would target all ports in the Gulf region if its own shipping hubs are threatened. BBG The UK won’t take part in the proposed Hormuz blockade, the government said, setting up another point of contention between Trump and PM Keir Starmer. BBG Policymakers gathering for IMF and World Bank meetings in Washington this week will take a hard look at the war’s impact on all things economic. IMF chief Kristalina Georgieva told CBS that prices will take time to come down even if a ceasefire holds. BBG AI Is Using So Much Energy That Computing Firepower Is Running Out. AI companies are rationing offerings and products, rankling users—a warning sign for a boom that depends on rapid adoption. WSJ Anthropic is gaining ground on OpenAI in the race for paying customers, as new data points to rising business adoption and a levelling-off in its rival’s growth. Nearly one in three US businesses paid for Anthropic’s tools in March, according to data from payments group Ramp, marking a rise of more than 6 percentage points from the previous month. FT Japan’s 10-year government bond yield climbed to its highest level since 1997. The BOJ’s policy decision this month is too close to call, a former executive director said. BBG Kevin Warsh’s confirmation as the next chair of the Federal Reserve is at risk of being delayed until after the end of Jay Powell’s term, as Donald Trump’s pick to lead the central bank faces an increasingly tight timeline. FT China announced measures to improve relations with Taiwan after a meeting between Xi Jinping and the island’s opposition leader, Cheng Li-wun. BBG Bank of Japan Governor Kazuo Ueda signaled a more cautious stance on the impact of the US-Iran conflict, cooling expectations of an interest rate hike later this month. BBG Hedge Funds net bought Macro Products (Index and ETF combined) at the fastest pace since May ‘25 (+2.2 SDs 1-year), driven by short covers and long buys (2.4 to 1). US-listed ETF shorts decreased -11.5% (now down -6% MoM), the largest weekly % covering in the past decade (-3.2 z score), led by covers in Large Cap Equity and to a lesser extent Credit ETFs. Goldman Prime Brokerage(zerohedge)