Members of Congress warned President Donald Trump against a military strike on Iran tied to the attack on Saudi Arabia’s oil facilities. Over the weekend, Secretary of State Mike Pompeo quickly blamed Iran without offering evidence and Trump issued an action-film warning. Iran denied a role, calling the allegations Washington’s “maximum-lies policy.” As Timothy O’Brien writes in Bloomberg Opinion, “not everyone is telling the truth here.” As for Capitol Hill, where Saudi Arabia has fewer friends since the murder and dismemberment of journalist Jamal Khashoggi, Hawaii Senator Brian Schatz said that, in this case, “the U.S. military is not authorized to retaliate on behalf of another country.” —David E. Rovella

Here are today’s top stories

Oil predictably surged after the explosions knocked out a portion of Saudi Arabia’s production capacity. Mark Gongloff writes in Bloomberg Opinion that this wasn’t the way OPEC wanted to boost prices.

If you live in America, expect those prices to rise later this week.

With billions of dollars worth of weapons purchased from U.S. defense contractors, why is Saudi Arabia having such a hard time defending itself?

A key U.S. borrowing market saw a massive surge Monday, a warning sign that the Fed is having trouble controlling short-term interest rates.

JPMorgan’s precious metals trading desk was a criminal enterprise operating inside the bank for almost a decade, U.S. prosecutors alleged.

The biggest backers of SoftBank’s Vision Fund are reconsidering how much to commit to its next investment vehicle as an oversized bet on WeWork sours.

What’s Joe Weisenthal thinking about? The Bloomberg news director says to keep an eye on longer-dated oil futures as we learn more about what happened to Saudi Arabia’s oil facilities over the weekend (and who is responsible).

What you’ll need to know tomorrow

• Stocks fell as investors sought out safe havens.
• It doesn’t look like the UAW strike at GM will end anytime soon.
• Blackstone wants to buy the Bellagio and the MGM Grand.
• Bloomberg Opinion: Falling RV sales are bad news for Trump.
• What’s behind the world’s biggest climate victory? Capitalism.
• Reverse mortgages are increasingly popular in Canada.
• Wondering what to do with U.K. stocks as Brexit hits the fan?

What you’ll want to read tonight in Pursuits

Once a Niche, the Wheat Whiskies Are Growing

All whiskey is made from grain, but in the U.S., we tend to reserve our wheat supply for bread and breakfast cereal. American whiskey sales in 2018 rose 6.6%, or $224 million, to $3.6 billion worldwide. Wheat whiskey has accounted for only a tiny fraction of that figure. But that could be changing.

Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg.com. You’ll get our unmatched global news coverage and two premium daily newsletters, The Bloomberg Open and The Bloomberg Close, and much, much more. See our limited-time introductory offer.

The best in-depth reporting from Asia Pacific and beyond, delivered to your inbox every Friday. Sign up here for The Reading List, a new weekly email.

Download the Bloomberg app: It’s available for iOS and Android.