PANews May 5 news, according to the Financial Times report, the U.S. and Iran exchanged fire near the Strait of Hormuz, escalating the Hormuz crisis again, with oil prices rising to $115 at one point, and U.S. government bonds being sold off.

In addition, Reuters reported that the U.S. launched "Project Freedom" to reopen the Strait of Hormuz. The U.S. military claimed to have destroyed six Iranian small boats and intercepted cruise missiles and drones launched by the Iranian Revolutionary Guard, while escorting two U.S. commercial vessels through the strait. According to Reuters, due to conflicting accounts from both the U.S. and Iran, it is currently not possible to independently verify the complete situation at the scene of the strait.

AP cited information from the UAE stating that the UAE intercepted 15 missiles and 4 drones, with damage reported in the Fujairah region and casualties occurring. The Iranian side did not explicitly acknowledge or deny responsibility but accused the U.S. of "military adventurism."

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