May 4, 2026: US-Iran Exchange Fire in Gulf, UAE Comes Under Attack, More
episodePreviously titled “US-Iran Exchange Fire in Gulf, UAE Comes Under Attack, More” — renamed by the publisher on Aug 2, 2026
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Doug Krisner. The U.S. and Iran exchanged fire earlier today in the Persian Gulf. The American military fought off attacks from Iranian drones as well as from missiles and armed small boats. Now, these attacks came as the U.S. military facilitated passage of two vessels through the Strait of Hormuz. And at the same time, the United Arab Emirates said an Iranian drone struck at the port city of Hujera. During a briefing, CENTCOM commander Admiral Brad Cooper said the U.S. opened a passage in Hormuz. The U.S. military also denied Iranian claims of a strike on an American naval vessel. Later in the day, speaking to ABC News, President Trump stopped short of saying the U.S.-Iran ceasefire had been violated.
Crude oil prices spiked today. Chevron CEO Mike Wirth says global oil supply is very much a concern. Here is Wirth speaking to Bloomberg at the Milken Global Conference.
20% of the world's energy supply flows through the Strait of Hormuz. That's oil, that's liquefied natural gas, it's refined products, goes to Europe and Asia primarily, and both of those regions are seeing the impact of having that much cut off. The U.S. can't make up all of that supply. Inventories in the system are being drawn down, and the supply situation is tightening, and that's a concern.
That is Mike Wirth, the CEO of Chevron, speaking with Bloomberg. By the way, you can hear the full conversation on the Bloomberg Talks podcast. In New York trading, WTI crude was up 4.4% to settle at 106.42. The stock market, meantime, dropped from all-time highs. Here is Anne Walsh, CIO at Guggenheim Investment Management.
The downside risk, the extended Iran conflict really isn't priced in at this point in time. So there is some room for volatility in the future. Our base case is that we stay elevated on oil prices, let's say around $100 a barrel for, we'll call it three months. And during that period of time, we sort of slowly then towards the end tail back down. not to pre-Iran conflict prices. We don't really see a round trip to 60. It's going to take a little bit of time to unsnarl the supply chain disruption that came from having the straits closed.
That is Anne Walsh, CIO at Guggenheim Investment Management, speaking to Bloomberg at the Milken Global Conference. The White House is reportedly discussing vetting AI models before they're released. The New York Times reports the Trump administration is discussing an executive order to create an AI working group. It would bring together tech executives and government officials to examine potential oversight procedures. The Department of Justice wants a federal judge to throw out his earlier ruling that prevented prosecutors from using grand jury subpoenas during their investigation of the Federal Reserve. U.S. Attorney Jeanine Pirro said in a court filing that the ruling is no longer necessary because she has closed the investigation into cost overruns of renovations to the Fed's headquarters, as well as testimony on the matter given by Fed Chair Jay Powell.
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