Bloomberg Daybreak: Europe Edition Gas Price Jumps 35%, Energy Inflation Fears, Navigating War Insurance
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Mar 19, 2026 Patrick Tiernan, CEO of Lloyd's of London, talks about insurance market resilience and managing risk in volatile times. He discusses Lloyd's results, capital strength and strategy. He explains maritime war risk coverage, dynamic pricing and industry responses to Gulf attacks. He outlines potential loss assessment and views on a proposed US reinsurance plan.
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Energy Markets Pricing In Prolonged Gulf Supply Loss
- European natural gas and oil markets reacted sharply to strikes on major Gulf energy facilities, pricing in prolonged supply outages.
- Dan Murtaugh warned damage could keep production offline for months, driving traders to assume longer, larger disruptions to global supply.
Fed Sees Near-Term Inflation Rise From Middle East
- Fed officials signalled higher near-term inflation risk from Middle East supply disruptions and kept one rate cut penciled in for the year.
- Jerome Powell highlighted rising short-term inflation expectations tied to oil price spikes while longer-term expectations remained near 2%.
Stranded Sailors Ration Food Water And Sleep Amid Attacks
- Crews stuck in the Persian Gulf report food and water rationing, sleepless nights, and signal-jamming while trapped by the Strait of Hormuz closure.
- Reporters relayed sailors surviving on sugar and rice, short of fresh water, and anxious as attacks continue overnight.