The US and Iran clashed near the Strait of Hormuz, an escalation that threatens to further fracture a fragile ceasefire as the two sides discuss a permanent end to the war. US forces targeted missile and drone launch sites and other military assets in Iran that they said were responsible for attacking three US warships transiting the strait. No vessels were hit, US Central Command said. A monthlong ceasefire remains in effect, President Donald Trump said. Nigel Farage’s Reform UK racked up sweeping gains in the first counts in local elections, with British voters continuing to turn away from Prime Minister Keir Starmer’s governing Labour Party. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie. (Source: Bloomberg)