Bloomberg — 2026-05-03#

Lead Story#

Traffic through the Strait of Hormuz has come to a near-standstill in the 10th week of the Iran war, prompting US President Donald Trump to announce that the US will begin guiding some neutral ships out of the Persian Gulf starting Monday. Trump is concurrently weighing a new peace proposal from Tehran, though Treasury Secretary Scott Bessent noted that US economic pressure is successfully “suffocating” the Iranian regime. The prospect of resumed shipping and potential diplomatic progress sent oil prices lower and lifted US stock futures.