Port of Los Angeles Executive Director Gene Seroka says shipping firms are taking a "wait and see" approach to US efforts to reopen the Strait of Hormuz as security risks and rising insurance and freight costs deter traffic. He warns the real supply impact is still ahead, as higher fuel and diesel costs continue to pressure supply chains and small trucking operators. He speaks with Joe Mathieu on Bloomberg's "Balance of Power: Late Edition" from the Milken Institute Global Conference in Beverly