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, oil spiked toward $120 a barrel as more major Middle East producers curbed production, the Strait of Hormuz remained all but closed and the US threatened to deepen a conflict that has upended energy markets. Mojtaba Khamenei, the son of the late Ayatollah Ali Khamenei, has been named as the new supreme leader of Iran. And German Chancellor Friedrich Merz suffered a setback when his conservatives lost a regional election to the Greens, a stinging blow for the unpopular German leader compounded by a jump in support for the far right. Today's guests: Richard Tice, Reform UK Party, Deputy Leader; Laura James, Oxford Analytica, Senior Middle East Analyst. (Source: Bloomberg)