Asia Market Movers: Iran launches boats, missiles and drones at US warships in Hormuz confrontation

Tuesday, 05 May, 2026 Commodities Iran launches boats, missiles and drones at US warships in Hormuz confrontation The USS Truxtun and USS Mason transited the Strait of Hormuz under a sustained Iranian barrage of small boats, missiles and drones, entering the Persian Gulf without either vessel being struck, per US Commodities Chevron chief compares Hormuz crisis to 1970s oil shocks as shortages loom Chevron CEO Mike Wirth warned Monday that physical oil shortages will begin appearing globally due to the Strait of Hormuz closure, with Asian economies first to shrink as supply buffers are exhausted Learn more Stock market update S&P 500 target of 7,600 reaffirmed as Goldman warns on inflation and rate cut constraints Goldman Sachs strategist Tony Pasquariello says the US equity bull market primary trend remains higher but flags energy prices as a clear danger and warns risk-reward has deteriorated after a historic News Trump tariff refunds to begin May 12 as CBP processes $166bn in claims US Customs and Border Protection says the first electronic refunds from tariffs ruled illegal by the Supreme Court will begin as early as May 12, with up to $166bn in collected duties subject to repay Commodities US edges closer to resuming Iran combat as ceasefire holds by a thread The US is closer to resuming major combat operations against Iran than it was 24 hours ago after Iranian forces fired on US vessels and struck UAE targets, senior officials told Fox News, as the cease News Australia April Services PMI (final) 50.7 (preliminary 50.3, prior 46.3) Australia's services PMI rose to 50.7 in April from 46.3 in March, but new orders fell for a second month and input price inflation hit its fastest pace since August 2022, driven by Middle East fuel c Central Banks ECB forecasters slash growth and raise inflation outlook as energy shock bites ECB professional forecasters have raised eurozone inflation expectations to 2.7% for 2026 while cutting growth forecasts to 1.0%, with energy costs from the Middle East war cited as the primary driver News Reminder, Japanese and mainland China markets are close again today, Tuesday, May 5, 2026 Thin trading in the yen makes it more responsive to intervention efforts. Its has some spikey movies. Learn more Commodities Saudi Arabia demands Hormuz guarantees as Israel braces for rapid Iran escalation Saudi Arabia has demanded guaranteed free passage through the Strait of Hormuz and backed Pakistani mediation, as Israeli officials warned the situation with Iran could deteriorate within hours, promp

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