Iran and the U.S. exchanged fire in the Strait of Hormuz; the U.S. claims to have destroyed six Iranian small boats.

ME News Report, May 5th (UTC+8), clashes occurred near the Strait of Hormuz between the US and Iran, reigniting the Hormuz Crisis. Oil prices rose to $115 per barrel, and US Treasury bonds were sold off. Additionally, the US launched “Project Freedom” to reopen the Strait of Hormuz. The US military claims to have destroyed six Iranian small boats and intercepted cruise missiles and drones launched by the Iranian Revolutionary Guard, while escorting two American commercial ships through the strait. Reuters reports that due to conflicting statements from the US and Iran, it is currently impossible to independently verify all the details at the scene. AP, citing sources from the UAE, states that the UAE intercepted 15 missiles and 4 drones, with damage and casualties reported in the Fujairah area. Iran has not explicitly admitted or denied responsibility but accused the US of “military adventurism.” (Source: PANews)