Market Summary, May 4th, 2026.

Geopolitics

The overnight session was defined by a rapidly escalating military crisis in the Gulf. Iran launched four attack waves against the UAE, striking the Fujairah oil terminal (now on fire), hitting two vessels, and firing ballistic missiles from Bushehr. The IRGC Navy officially declared the Strait of Hormuz closed, with Iran's First Vice President framing control of the waterway as "an indisputable Iranian right." U.S. Central Command confirmed it sank six Iranian boats attempting to attack commercial shipping. A UAE source told CNN a U.S.-Israeli strike on Iran could happen within 24 hours.