Mike Sommers, President and CEO of the American Petroleum Institute, says oil markets have held up better than many feared during the latest US-Iran escalation. But Sommers warns prices will remain elevated as long as traffic through the Strait of Hormuz is restricted, emphasizing that fully reopening the strait is "the most important thing" to do in the immediate term. He speaks with Joe Mathieu on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)