Intercepts

• The United States launched a new round of military strikes against Iranian targets following an attack on a commercial tanker in the Strait of Hormuz. • Regional tensions escalated rapidly, leading Kuwait to intercept missiles and Bahrain to sound emergency sirens. • These exchanges highlight the volatile security situation in the Persian Gulf and the risk of wider conflict between the two nations.

• President Emmanuel Macron announced that the French navy intercepted a Russian "shadow fleet" tanker off the coast of Sicily. • This operation is part of a broader effort by France and Britain to intensify sanctions and disrupt the clandestine shipping networks used by Russia to export oil. • The action matters as Western allies seek to tighten the economic blockade on Russia to limit its ability to fund the ongoing war in Ukraine.

• Nasdaq and S&P 500 declined on May 4, 2026, following UAE's report of intercepting missiles from Iran amid escalating regional tensions. • Move counters last week's gains where NASDAQ posted a 10-day winning streak led by mega-cap tech on AI optimism and earnings. • Oil and US dollar rose, while gold and silver fell as investors favored risk assets despite conflict worries.