May 5, 2026: US Pauses Plan to Guide Ships, Seeks Deal With Iran, More
episodePreviously titled “US Pauses Plan to Guide Ships, Seeks Deal With Iran, More” — renamed by the publisher on Aug 2, 2026
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News when you want it with Bloomberg News Now. I'm Doug Krisner. President Trump is pausing the U.S.-led effort to help stranded ships exit the Strait of Hormuz. Tonight in a post on Truth Social, Trump said Project Freedom will be paused for a short period to see whether or not an agreement with Iran can be finalized and signed. Here is Bloomberg's Derek Walbank.
Now we're into this new phase and you're seeing here a move from the United States really resisting the idea of escalating further. Washington has been very clear that even though there have been provocations that they say from Iran, Iran continues to block the Strait of Hormuz, continues to go do all the things it has been doing. The United States is clear that the ceasefire has not been broken. They're still sort of moving on there.
That is Bloomberg's Derek Waldbank. President Trump also said the U.S. blockade of ships transiting to and from Iranian ports would remain in full force and effect. Crude oil prices retreated in New York trading, with WTI down nearly 4%. And in late trading, crude oil is down another 2%. At the same time, during the regular session, we had the equity market rising to fresh record highs, with the S&P picking up 0.8% to 7,259. And we got reaction from Amos Hochstein, former Mideast senior advisor to President Biden. He addressed the divergence between crude oil and equities.
The physical market and the stock market are divergent at the moment. We may get convergence at some point. We probably will be. We don't know if the convergence will be when the stock market realizes where the real physical market actually is or that the war actually ends, we have an opening, and then the physical market will go to where the stock market is. But they are not in the same place. $110 of Brent oil is only available on a Bloomberg terminal. I know where you're going. You can't buy that barrel.
That is Amos Hochstein speaking to Bloomberg on the sidelines of the Milken Global Conference in Beverly Hills. Next week, President Trump will be meeting with Chinese President Xi Jinping. Today, Trump addressed points for discussion, including the war.
We're doing a lot of business with China and making a lot of money. We're making a lot of money. It's different than it used to be. But I'll be talking about that. That'll be one subject. But he's been very nice about this. You know, in all fairness, he gets like 60% of his oil from hormones. And he's been, I think he's been very respectful. We haven't been challenged by China. They don't challenge us.
Presidents Trump and Xi are slated to meet in Beijing May 14th and 15th. The Securities and Exchange Commission unveiled a proposal to give U.S. companies an option to report earnings semi-annually. Proponents say this would enable companies to focus on long-term growth without the pressure of quarterly deadlines. But critics argue less frequent reports would increase the potential to bury bad news and boost the risk of insider trading. We got reaction from former U.S.
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