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The US and Iran exchanged attacks in and around the Strait of Hormuz, with Washington launching 'Project Freedom' to reopen the waterway and Tehran accusing the US of reckless military action. The UAE reported intercepting Iranian missiles and drones, while the US said it sank six Iranian boats. Both sides deny each other's accounts of the clashes.
Iran has accused the US of killing five civilians in a strike on two passenger boats in the Strait of Hormuz, contradicting US claims that it sank Iranian Revolutionary Guard vessels. The incident adds to rising tensions as the US seeks to reopen the vital waterway, with Iran also reporting broader civilian casualties among its seafarers.
Pakistan Navy and Maritime Security Agency provided humanitarian assistance to an Indian offshore tug and supply vessel with six Indians and one Indonesian onboard after a technical fault in the Arabian Sea. The rescue followed a request from Mumbai's Maritime Rescue Coordination Centre.
An explosion and fire aboard the HMM Namu, a Panama-flagged bulk carrier, in the Strait of Hormuz was extinguished with no injuries among the 24 crew members. The cause remains under investigation, with South Korean officials expecting a multi-day analysis. Iran has denied any military involvement, while U.S. President Trump suggested Tehran had taken shots at the vessel.
The US and Iran exchanged fire over the Strait of Hormuz on Monday, with Washington launching a naval operation to reopen the waterway and Tehran responding with attacks on ships and a UAE port. A fragile ceasefire appeared to be at risk as both sides reported strikes and denied the other's claims.
The UAE said its air defenses intercepted a barrage of Iranian missiles and drones on May 4, 2026, while a drone strike sparked a fire at the Fujairah oil zone, injuring three Indian nationals. The attack came amid a fragile US-Iran ceasefire and heightened tensions over the Strait of Hormuz.
An Indian foreign ministry spokesperson reported that eleven Indian vessels have safely transited the Strait of Hormuz since the outbreak of the Middle East crisis, while at least 22 Indian-flagged ships remain in the area, 20 of which are vital for India's energy security. The report comes amid heightened regional tensions following the US-Israel military operation against Iran and Tehran's closure of the strait to certain nations.
Iran's Foreign Ministry says Tehran will continue consultations with Oman on new shipping regulations for the Strait of Hormuz, emphasizing their shared responsibility for safe passage. The talks come amid US President Donald Trump's announcement of Operation Project Freedom to escort ships through the waterway.
South Korea's KOSPI jumped 5.12% to a record high of 6,936.99 on May 4, driven by semiconductor stocks and hopes for U.S.-Iran peace talks. Samsung Electronics and SK hynix led gains, while the Korean won rose sharply. Analysts caution about inflation and debt risks as the market approaches the 7,000-point milestone.
OPEC+ agreed on Sunday to raise its collective production quota by 188,000 barrels per day for June, a move widely described as largely symbolic given ongoing disruption of Gulf oil exports through the Strait of Hormuz. The decision came days after the United Arab Emirates formally left the group, and analysts say it signals continuity rather than any real change in physical supplies.
Seven key OPEC+ members have decided to increase oil output quotas by 188,000 barrels per day in June, aiming to accelerate compensation for past overproduction. Tatneft's CEO said the company expects and has the capacity to produce more than last year, subject to OPEC+ limits.
US President Donald Trump says he will review Iran's new peace proposal but doubts it will be acceptable, as Israeli airstrikes kill civilians in Lebanon and tensions remain high over the Strait of Hormuz. Iran's deputy foreign minister says the ball is in Washington's court, ready for talks or war.
Middle Eastern governments are reviving proposals for overland pipelines and new rail-sea corridors as wartime disruptions threaten the Strait of Hormuz and Red Sea. Led by Saudi Arabia, Turkey, and the UAE, these efforts aim to link the Indian Ocean to the Mediterranean, with Syria positioning itself as a potential energy hub.
Key OPEC+ members, including Russia and Saudi Arabia, are set to discuss June oil production targets at a monthly online meeting. The talks come amid the UAE's withdrawal from the group and reports of a planned output increase.
US President Donald Trump has warned Iran to 'get smart soon' and capitulate on nuclear talks, as the US naval blockade continues to pressure Tehran's economy. Reports indicate Trump rejected an Iranian proposal to reopen the Strait of Hormuz, and oil prices have soared amid the impasse.
The UAE has announced its withdrawal from OPEC and OPEC+ effective May 1, 2026, according to state news agency WAM. Analysts suggest this move could prompt other member countries to exit, potentially undermining the cartel's influence. The UAE also faces speculation about its future in the Gulf Cooperation Council (GCC).
Gulf leaders met in Saudi Arabia for their first in-person summit since the start of the US–Israel war with Iran, focusing on regional security and long-stalled joint projects. The meeting came amid reports that the US is considering an Iranian proposal to end the conflict and reopen the Strait of Hormuz, and as the UAE announced its withdrawal from OPEC and OPEC+.
The UAE's decision to leave OPEC and OPEC+ from May 1, 2026, is expected to weaken the cartel's influence on global oil prices and increase doubts about Saudi-led production quotas. Analysts cite the UAE's desire to maximize production capacity and long-standing disagreements with Saudi Arabia as key factors, though short-term price impact may be limited.
Iran's warning about submarine cables in the Strait of Hormuz has spotlighted the region's digital vulnerability. Subsea cables carry about 99% of global internet traffic, and Gulf nations rely on them heavily. Analysts note that damage could cause outages and economic fallout, with repair challenges in conflict zones.
The superyacht Nord, linked to sanctioned Russian billionaire Alexei Mordashov, has completed a rare passage through the Strait of Hormuz, traveling from Dubai to Oman. The journey comes amid an ongoing US-Iran standoff that has severely restricted shipping in the critical waterway. Sources suggest neither Iran nor the US objected to the transit, which was conducted under the Russian flag.