Monday, May 4, 2026…4:10 PM ET
[4:00 PM ET closing prices for stocks; 3:50ish for commodities and bonds.]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri. Feb. 27…regular gas $2.98…diesel $3.75
Mon., May 4…reg. $4.45…diesel $5.64
‘Regular’ is up 43 cents in less than two weeks.
Sunday afternoon, President Trump said the U.S. would begin guiding commercial ships out of the Strait in what he described as an effort “to free up people, companies, and Countries that have done absolutely nothing wrong.”
In a Truth Social post, the president said countries “from all over the world” asked for help from the U.S. to free their ships that are stuck amid the maritime standoff between Washington and Tehran. Trump said the operation would begin Monday morning and that any interference would be “dealt with forcefully.”
The announcement came after a merchant ship reported being attacked by multiple small boats off the coast of Sirik, Iran, near the Strait, according to the United Kingdom Maritime Trade Operations, adding that there were no reports of injuries.
On a Sunday morning news show, Treasury Secretary Scott Bessent said the U.S. is “suffocating” Iran with economic and financial pressure, suggesting that the rulers in Tehran will eventually buckle.
“We are running a marathon over the past 12 months and now we are sprinting toward the finish line,” Bessent said. “They are not able to pay their soldiers. This is a real economic blockade.”
The U.S. believes Iran’s oil industry may need to start shutting in wells “in the next week” as the country’s crude storage is “rapidly filling up,” Bessent said.
“Their oil infrastructure is starting to creak,” he said. “It hasn’t been maintained because of our decades-long sanctions against them.”
But Monday, the United Arab Emirates issued a missile threat warning after an oil tanker was struck by Iranian drones outside the Strait of Hormuz.
Iran warned it would attack U.S. forces if they entered the Strait, and its military fired warning shots at U.S. Navy ships after they made an attempt at approaching it.
U.S. Central Command (CENTCOM) said two U.S.-flagged ships successfully passed through the Strait on Monday “as a first step” in President Trump’s effort to reopen the waterway.
CENTCOM denied Iranian claims that it had fired on two U.S.-flagged ships. Adm. Brad Cooper, who heads CENTCOM, then said the U.S. sunk six Iranian boats (the mosquito boats) that were targeting commercial vessels, this after the UAE reported missile fire and drone attacks from Iran.
The UAE said two ships near the Strait reported fires following a missile and drone attack which also sparked a blaze at an oil refinery which left three injured. It was the first missile attack reported by the UAE since a ceasefire between the United States and Iran took effect nearly a month ago.
West Texas Intermediate jumped 4% to $106 per barrel and gasoline futures surged 14 cents.
Meanwhile, negotiations between the two countries appeared at an impasse over Tehran’s nuclear program.
Stocks fell on the renewed tensions as oil and interest rates rose. On the latter, yields on the 2- and 10-year Treasury notes rose 6-7 basis points over last Friday, which ain’t good for mortgage rates, sports fans.
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Dow Jones -557…-1.1% [48941]
S&P 500 -29…-0.4% [7200]
Nasdaq -46…-0.2% [25067]
Oil (WTI) $105.25…Brent $113.90
Gold $4520
Silver $72.90
Bitcoin $80,035 [4:00 PM ET…3-month high…]
U.S. 2-yr. 3.95%
U.S. 10-yr. 4.44%
Japanese 10-yr. 2.49%
Back Tues.
Brian Trumbore
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