The Iranian embassy has denied any connection to the recent damage sustained by a South Korean vessel in the Strait of Hormuz. The denial comes as U.S. and Israeli military operations against Iran continue since late February 2026. Iran currently controls this critical maritime chokepoint, impacting global trade flows.
The Eurozone's Composite PMI has dropped to 48.8, reflecting contraction due to supply-chain disruptions and rising input costs tied to Middle East tensions.
Market pricing for WTI Crude Oil suggests expectations of further disruptions, with low odds-just 4.4%-that Strait of Hormuz traffic will normalize by May 15. Traders are watching U.S.-Iran negotiations and military activity closely, with President Donald Trump and Iranian leadership as key actors.