PANews reported on May 5 that, according to the Financial Times, clashes between the US and Iran near the Strait of Hormuz have escalated the Hormuz crisis, causing oil prices to rise to $115 and US Treasury bonds to be sold off.

According to Reuters, the United States has launched "Project Freedom" to reopen the Strait of Hormuz. The US military claims to have destroyed six Iranian small boats and intercepted cruise missiles and drones launched by the Iranian Revolutionary Guard, while also escorting two US commercial vessels through the strait. Reuters notes that due to conflicting accounts from the US and Iran, it is currently impossible to independently verify the full situation on the ground in the strait.

AP, citing UAE sources, reported that the UAE intercepted 15 missiles and 4 drones, causing damage and casualties in the Fujairah region. Iran has neither explicitly acknowledged nor denied responsibility, but accused the United States of "military adventurism."