{"id":61552,"date":"2026-05-04T06:38:19","date_gmt":"2026-05-04T10:38:19","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-5-as-iran-claims-control-of-strait-of-hormuz-amid-reports-of-missile-strike\/61552\/"},"modified":"2026-05-04T06:38:19","modified_gmt":"2026-05-04T10:38:19","slug":"oil-surges-5-as-iran-claims-control-of-strait-of-hormuz-amid-reports-of-missile-strike","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-5-as-iran-claims-control-of-strait-of-hormuz-amid-reports-of-missile-strike\/61552\/","title":{"rendered":"Oil Surges 5% as Iran Claims Control of Strait of Hormuz Amid Reports of Missile Strike"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Crude oil prices surged over 5%<\/strong> to reach an intra-day peak following reports that Iran\u2019s IRGC has unilaterally declared new maritime boundaries for the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>Unconfirmed reports from local sources<\/strong> claim Iran struck a <strong>U.S. vessel with two missiles<\/strong>, though official confirmation from the Pentagon or Iranian state media remains pending.<\/li>\n<li><strong>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> dropped over 1% to $4,544.29 per ounce<\/strong>, while the <strong>U.S. bond market<\/strong> extended its historic slump to a record-breaking <strong>69 consecutive months<\/strong>.<\/li>\n<li><strong>The European Central Bank (ECB)<\/strong> signaled a near-certain interest rate hike for June as officials warn that soaring energy costs are triggering broad-based inflation across the Eurozone.<\/li>\n<li><strong>Loews (<a href=\"\/stock\/L\">L<\/a>)<\/strong> reported Q1 2026 earnings of <strong>$1.63 per share<\/strong>, missing analyst estimates of $1.74, despite a 1.4% year-over-year increase in revenue.<\/li>\n<\/ul>\n<p>Geopolitical tensions reached a breaking point in the Middle East today as <strong>Iranian state television<\/strong> announced that its Navy successfully blocked <strong>U.S. warships<\/strong> from entering the <strong>Strait of Hormuz<\/strong>. The <strong>Islamic Revolutionary Guard Corps (IRGC)<\/strong> released a map depicting new maritime boundaries under their control, stretching from Kuh-e Mobarak to Fujairah. <em>Market volatility spiked immediately<\/em>, with <strong>oil prices jumping more than 5%<\/strong> as tankers in the region reportedly halted movements awaiting instructions following a &quot;Trump decision&quot; that has reportedly frustrated Tehran.<\/p>\n<p>While <strong>OSINT sources<\/strong> reported that two missiles may have struck a U.S. vessel, official sources have not yet confirmed the engagement. <em>Historically, Iran has made similar claims that later proved unsubstantiated<\/em>, but the immediate impact on energy markets was severe. <strong>AAA gas prices<\/strong> were spotted at <strong>$4.457 per gallon<\/strong> domestically, reflecting the immediate pass-through of global supply fears.<\/p>\n<p>In the financial markets, the <strong>U.S. bond market<\/strong> continues its unprecedented decline, marking <strong>69 straight months of losses<\/strong>, the longest slump in recorded history. <strong>Spot Gold<\/strong> faced selling pressure, sliding over 1% to <strong>$4,544.29 per ounce<\/strong> as the <strong>U.S. Dollar<\/strong> gained strength against the <strong>New Zealand Dollar (NZD\/USD)<\/strong>. Investors appear to be recalibrating portfolios as the <strong>ECB\u2019s Peter Kazimir<\/strong> warned that tightening in June is &quot;nearly certain&quot; to combat energy-driven inflation.<\/p>\n<p>Corporate earnings added to the somber market mood as <strong>Loews (<a href=\"\/stock\/L\">L<\/a>)<\/strong> posted a Q1 EPS of <strong>$1.63<\/strong>, falling short of the <strong>$1.74<\/strong> expected by Wall Street. Although the company saw revenue grow to <strong>$4.56 billion<\/strong>, the miss highlights the challenging macroeconomic environment. Meanwhile, in Europe, <strong>Nordea<\/strong> has been reported to the police by the <strong>Danish Financial Supervisory Authority<\/strong>, adding regulatory pressure to the banking sector.<\/p>\n<p>On the trade front, the <strong>EU Trade Chief<\/strong> is scheduled to meet with top <strong>Trump administration officials<\/strong> as transatlantic tensions spike. This meeting comes amidst a &quot;redistricting frenzy&quot; in the U.S. South and bipartisan ire over <strong>U.S. troop movements from Germany<\/strong>. <em>The convergence of trade friction and military posturing suggests a period of prolonged instability for global markets.<\/em><\/p>\n<p>Other notable developments include a <strong>6.2 magnitude earthquake<\/strong> in Samar, Philippines, and <strong>Japan<\/strong> aggressively seeking alternative oil supplies from <strong>Kazakhstan<\/strong> to mitigate Middle Eastern dependency. <strong>South Africa\u2019s Absa Manufacturing PMI<\/strong> provided a rare bright spot, rising to <strong>52.6 in April<\/strong> from a previous 49.0, indicating a return to expansion in the manufacturing sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Crude oil prices surged over 5% to reach an intra-day peak following reports that Iran\u2019s IRGC has unilaterally 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