Morning Bid: Strait talk
By Anna Szymanski
Published on May 4, 2026.
Oil prices rose by around 5% after Iran reported it had turned back a U.S. warship trying to enter the Strait of Hormuz. This comes after President Donald Trump announced that the US would begin assisting ships stranded in the strait. The yen briefly jumped against the dollar again, fuelling speculation of further buying from Japan’s Ministry of Finance. The lack of progress on a peace deal with Iran, with a key sticking point being the timing of nuclear talks, suggests a stalemate and disruption in the Gulf. Asian stocks also rose, with South Korea's tech-heavy KOSPI surging nearly 5%. Meanwhile, Japanese markets are closed until Wednesday for the Golden Week holiday. The latest US. non-farm payrolls report is expected to disappoint, but it is unlikely to revive hopes for rate cuts.
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