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Oil Prices Leap on Tensions Over Strait of Hormuz
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May 4, 2026 8:21 AM, EDT | Updated: May 4, 2026 12:38 PM, EDT
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Government Business Safety Fuel Logistics
Exxon Lost 6% of Its Global Output as War Upended Mideast OPEC+ to Raise Oil Production by 137,000 Barrels per Day Toyota Suppliers Warn of Parts Shortages Tied to Iran War
Exxon Lost 6% of Its Global Output as War Upended Mideast
OPEC+ to Raise Oil Production by 137,000 Barrels per Day
Toyota Suppliers Warn of Parts Shortages Tied to Iran War
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Cargo ships near the Strait of Hormuz, as viewed from a rocky shoreline near Khor Fakkan, United Arab Emirates, on May 1. (Fatima Shbair/AP)
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The S&P 500 fell 0.3%, coming off its latest all-time high. The Dow Jones Industrial Average was down 416 points, or 0.8%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 0.3% lower.
The action was stronger in the oil market, where the price for a barrel of Brent crude leaped 5.7% to $114.28. Iran’s closure of the Strait of Hormuz due to its war with the United States and Israel has kept oil tankers pent up in the Persian Gulf and away from customers worldwide. That in turn has sent the price of Brent soaring from roughly $70 per barrel before the war.
The U.S. military rejected the claim and then said that two American-flagged merchant ships had successfully transited through the Strait of Hormuz.
Later in the morning, oil prices took a sharp turn upward after the United Arab Emirates’ eastern emirate of Fujairah said an Iranian drone sparked a fire at an oil facility, one the UAE has used to avoid shipping some of its oil through the Strait of Hormuz. The UAE issued its first missile alerts since a ceasefire reached in early April.
Tyson Foods joined the list May 4 of those topping analysts’ expectations for both profit and revenue during the latest quarter.
It sold less beef than it did a year ago, but it did so at prices that were 11.5% higher, so its total beef revenue edged up. It also sold more chicken and pork than a year earlier, at slightly higher prices. Its stock rose 4.1%.
The cruise operator said some “execution missteps” also have bookings below where it would like, and its stock fell 8.6%.
GameStop slumped after it said it wants to buy its eBay for $125 per share in cash and stock. Coming into the day, eBay had a total market value that was nearly quadruple GameStop’s.
GameStop said it has already built a 5% stake in eBay and sees opportunities to cut $2 billion in annual costs quickly. GameStop, whose stock briefly soared to market-shaking heights during the meme stock craze of 2021, fell 8.7%, while eBay rose 5.5%.
Several Big Tech stocks were strong, continuing a big run for companies involved in artificial-intelligence technology. Micron Technology gained 7.6% for one of the biggest gains in the S&P 500. Oracle rallied 5.8%, Sandisk climbed 5.2% and Super Micro Computer added 2.8%.
In stock markets abroad, gains for tech stocks helped indexes jump 5.1% in South Korea and 1.2% in Hong Kong, while markets were closed in mainland China and Japan for holidays.
In the bond market, Treasury yield jumped up as oil prices climbed. The yield on the 10-year Treasury rose to 4.43% from 4.39% late May 1.
Exxon Lost 6% of Its Global Output as War Upended Mideast OPEC+ to Raise Oil Production by 137,000 Barrels per Day Toyota Suppliers Warn of Parts Shortages Tied to Iran War
Exxon Lost 6% of Its Global Output as War Upended Mideast OPEC+ to Raise Oil Production by 137,000 Barrels per Day Toyota Suppliers Warn of Parts Shortages Tied to Iran War
whopping weekly spikes in average diesel prices over the last week with 10 states seeing prices spike over 40 cents per gallon pic.twitter.com/O4PU8apdiP — Patrick De Haan (@GasBuddyGuy) May 4, 2026
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READ MORE: MSC Plans Route That Avoids Strait of Hormuz
European indexes fared worse, and France’s CAC 40 fell 1.6%.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
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Government Business Safety Fuel Logistics
May 4, 2026 8:21 AM, EDT | Updated: May 4, 2026 12:38 PM, EDT
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Exxon Lost 6% of Its Global Output as War Upended Mideast OPEC+ to Raise Oil Production by 137,000 Barrels per Day Toyota Suppliers Warn of Parts Shortages Tied to Iran War
by trucknews.com May 12, 2026 Maverick Transportation announced pay increases for flatbed over-the-road drivers and multiple dedicated driving divisions. Drivers in Maverick’s flatbed over-the-road divisions will see a 4-cent per mile increase effective May 31. (Photo: Maverick Transportation) With this increase, starting student flatbed drivers will earn 59 cents per mile ($73,000-$80,000 first-year average), and experienced drivers will earn 64-67 cents per mile ($84,000-$96,000 first-year average). Maverick added that more than 10 other divisions will also receive pay increases. “We are truly excited to roll out this pay increase for our drivers, who are the heart of our operations and the key to our success,” said Brad Vaughn, Maverick’s vice president of recruiting. by trucknews.com trucknews.com is the trucking industry’s leading information source, delivering vital insights to fleet executives, operations teams, maintenance personnel, owner-operators, and more. Readers turn to our experienced journalists for award-winning trucking industry news, trends, technical advances, equipment maintenance techniques, and business practices alike.
Maverick Transportation announced pay increases for flatbed over-the-road drivers and multiple dedicated driving divisions. Drivers in Maverick’s flatbed over-the-road divisions will see a 4-cent per mile increase effective May 31. (Photo: Maverick Transportation) With this increase, starting student flatbed drivers will earn 59 cents per mile ($73,000-$80,000 first-year average), and experienced drivers will earn 64-67 cents per mile ($84,000-$96,000 first-year average). Maverick added that more than 10 other divisions will also receive pay increases. “We are truly excited to roll out this pay increase for our drivers, who are the heart of our operations and the key to our success,” said Brad Vaughn, Maverick’s vice president of recruiting.
by trucknews.com May 12, 2026 Maverick Transportation announced pay increases for flatbed over-the-road drivers and multiple dedicated driving divisions. Drivers in Maverick’s flatbed over-the-road divisions will see a 4-cent per mile increase effective May 31. (Photo: Maverick Transportation) With this increase, starting student flatbed drivers will earn 59 cents per mile ($73,000-$80,000 first-year average), and experienced drivers will earn 64-67 cents per mile ($84,000-$96,000 first-year average). Maverick added that more than 10 other divisions will also receive pay increases. “We are truly excited to roll out this pay increase for our drivers, who are the heart of our operations and the key to our success,” said Brad Vaughn, Maverick’s vice president of recruiting. by trucknews.com trucknews.com is the trucking industry’s leading information source, delivering vital insights to fleet executives, operations teams, maintenance personnel, owner-operators, and more. Readers turn to our experienced journalists for award-winning trucking industry news, trends, technical advances, equipment maintenance techniques, and business practices alike.
by trucknews.com May 12, 2026 Maverick Transportation announced pay increases for flatbed over-the-road drivers and multiple dedicated driving divisions. Drivers in Maverick’s flatbed over-the-road divisions will see a 4-cent per mile increase effective May 31. (Photo: Maverick Transportation) With this increase, starting student flatbed drivers will earn 59 cents per mile ($73,000-$80,000 first-year average), and experienced drivers will earn 64-67 cents per mile ($84,000-$96,000 first-year average). Maverick added that more than 10 other divisions will also receive pay increases. “We are truly excited to roll out this pay increase for our drivers, who are the heart of our operations and the key to our success,” said Brad Vaughn, Maverick’s vice president of recruiting. by trucknews.com trucknews.com is the trucking industry’s leading information source, delivering vital insights to fleet executives, operations teams, maintenance personnel, owner-operators, and more. Readers turn to our experienced journalists for award-winning trucking industry news, trends, technical advances, equipment maintenance techniques, and business practices alike.
by trucknews.com May 12, 2026
by trucknews.com May 12, 2026
Maverick Transportation announced pay increases for flatbed over-the-road drivers and multiple dedicated driving divisions.
Drivers in Maverick’s flatbed over-the-road divisions will see a 4-cent per mile increase effective May 31.
With this increase, starting student flatbed drivers will earn 59 cents per mile ($73,000-$80,000 first-year average), and experienced drivers will earn 64-67 cents per mile ($84,000-$96,000 first-year average).
“We are truly excited to roll out this pay increase for our drivers, who are the heart of our operations and the key to our success,” said Brad Vaughn, Maverick’s vice president of recruiting.
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by trucknews.com trucknews.com is the trucking industry’s leading information source, delivering vital insights to fleet executives, operations teams, maintenance personnel, owner-operators, and more. Readers turn to our experienced journalists for award-winning trucking industry news, trends, technical advances, equipment maintenance techniques, and business practices alike.
trucknews.com is the trucking industry’s leading information source, delivering vital insights to fleet executives, operations teams, maintenance personnel, owner-operators, and more. Readers turn to our experienced journalists for award-winning trucking industry news, trends, technical advances, equipment maintenance techniques, and business practices alike.
trucknews.com is the trucking industry’s leading information source, delivering vital insights to fleet executives, operations teams, maintenance personnel, owner-operators, and more. Readers turn to our experienced journalists for award-winning trucking industry news, trends, technical advances, equipment maintenance techniques, and business practices alike.
by trucknews.com May 12, 2026 Maverick Transportation announced pay increases for flatbed over-the-road drivers and multiple dedicated driving divisions. Drivers in Maverick’s flatbed over-the-road divisions will see a 4-cent per mile increase effective May 31. (Photo: Maverick Transportation) With this increase, starting student flatbed drivers will earn 59 cents per mile ($73,000-$80,000 first-year average), and experienced drivers will earn 64-67 cents per mile ($84,000-$96,000 first-year average). Maverick added that more than 10 other divisions will also receive pay increases. “We are truly excited to roll out this pay increase for our drivers, who are the heart of our operations and the key to our success,” said Brad Vaughn, Maverick’s vice president of recruiting. by trucknews.com trucknews.com is the trucking industry’s leading information source, delivering vital insights to fleet executives, operations teams, maintenance personnel, owner-operators, and more. Readers turn to our experienced journalists for award-winning trucking industry news, trends, technical advances, equipment maintenance techniques, and business practices alike.
Maverick added that more than 10 other divisions will also receive pay increases.
by trucknews.com May 12, 2026
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Trump Puts Trade Ahead of Iran for Xi Summit Priorities
Skylar Woodhouse and Josh Wingrove | Bloomberg News
Trump to Appeal Ruling Against Tariffs Markets on Edge as China, US Hold Second Day of Trade Talks California EV Incentives Stall as Federal Credit Nears End
Markets on Edge as China, US Hold Second Day of Trade Talks
California EV Incentives Stall as Federal Credit Nears End
Iran oil prices crude oil Strait of Hormuz Tariffs Donald Trump
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Presidents Donald Trump and Xi Jinping shake hands as they leave after their talks in Busan, South Korea, in the fall. (Andrew Harnik/Getty Images)
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President Donald Trump said he would prioritize trade discussions during his summit with Chinese counterpart Xi Jinping and downplayed the amount of attention they would devote to the Iran war.
“We have a lot of things to discuss. I wouldn’t say Iran is one of them, to be honest with you, because we have Iran very much under control,” he added. “We’re either going to make a deal, or they’re going to be decimated one way or the other.”
Trump is eager to secure business deals and hammer out details of a new board of trade to manage ties between the world’s two largest economies when he meets Xi, even as the Iran war has cast a shadow over the summit. The two sides are expected to discuss an extension of the trade truce they reached last fall.
China is a major purchaser of Iranian oil and has called for a swift reopening of the Strait of Hormuz, which remains effectively shuttered as the U.S. blockades Iran’s ports and Tehran restricts the flow of other international traffic. The war has triggered a global energy crisis with world fuel reserves being drawn down.
Trump is under pressure to end the war and said previously he would press Xi over Beijing’s approach to Iran. But on May 12 he touted his relationship with Xi.
“My relationship with President Xi is a fantastic one. We’ve always gotten along, and we’re doing very well with China, and working with China has been very good, so we look forward to it,” Trump said.
Trump to Appeal Ruling Against Tariffs Markets on Edge as China, US Hold Second Day of Trade Talks California EV Incentives Stall as Federal Credit Nears End
Trump to Appeal Ruling Against Tariffs Markets on Edge as China, US Hold Second Day of Trade Talks California EV Incentives Stall as Federal Credit Nears End
Hot Topics Iran oil prices crude oil Strait of Hormuz Tariffs Donald Trump
Trump Puts Trade Ahead of Iran for Xi Summit Priorities
Iran oil prices crude oil Strait of Hormuz Tariffs Donald Trump
Iran oil prices crude oil Strait of Hormuz Tariffs Donald Trump
Iran oil prices crude oil Strait of Hormuz Tariffs Donald Trump
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Skylar Woodhouse and Josh Wingrove | Bloomberg News
Skylar Woodhouse and Josh Wingrove | Bloomberg News
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Trump to Appeal Ruling Against Tariffs Markets on Edge as China, US Hold Second Day of Trade Talks California EV Incentives Stall as Federal Credit Nears End
Trump to Appeal Ruling Against Tariffs Markets on Edge as China, US Hold Second Day of Trade Talks California EV Incentives Stall as Federal Credit Nears End
Trump to Appeal Ruling Against Tariffs Markets on Edge as China, US Hold Second Day of Trade Talks California EV Incentives Stall as Federal Credit Nears End
Markets on Edge as China, US Hold Second Day of Trade Talks
Markets on Edge as China, US Hold Second Day of Trade Talks
California EV Incentives Stall as Federal Credit Nears End
California EV Incentives Stall as Federal Credit Nears End
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Trump Puts Trade Ahead of Iran for Xi Summit Priorities
Skylar Woodhouse and Josh Wingrove | Bloomberg News
Iran oil prices Strait of Hormuz crude oil Donald Trump Tariffs
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Presidents Donald Trump and Xi Jinping shake hands as they leave after their talks in Busan, South Korea, in the fall. (Andrew Harnik/Getty Images)
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President Donald Trump said he would prioritize trade discussions during his summit with Chinese counterpart Xi Jinping and downplayed the amount of attention they would devote to the Iran war.
“We have a lot of things to discuss. I wouldn’t say Iran is one of them, to be honest with you, because we have Iran very much under control,” he added. “We’re either going to make a deal, or they’re going to be decimated one way or the other.”
Trump is eager to secure business deals and hammer out details of a new board of trade to manage ties between the world’s two largest economies when he meets Xi, even as the Iran war has cast a shadow over the summit. The two sides are expected to discuss an extension of the trade truce they reached last fall.
China is a major purchaser of Iranian oil and has called for a swift reopening of the Strait of Hormuz, which remains effectively shuttered as the U.S. blockades Iran’s ports and Tehran restricts the flow of other international traffic. The war has triggered a global energy crisis with world fuel reserves being drawn down.
Trump is under pressure to end the war and said previously he would press Xi over Beijing’s approach to Iran. But on May 12 he touted his relationship with Xi.
“My relationship with President Xi is a fantastic one. We’ve always gotten along, and we’re doing very well with China, and working with China has been very good, so we look forward to it,” Trump said.
Hot Topics Iran oil prices Strait of Hormuz crude oil Donald Trump Tariffs
Trump Puts Trade Ahead of Iran for Xi Summit Priorities
Iran oil prices Strait of Hormuz crude oil Donald Trump Tariffs
Iran oil prices Strait of Hormuz crude oil Donald Trump Tariffs
Iran oil prices Strait of Hormuz crude oil Donald Trump Tariffs
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Skylar Woodhouse and Josh Wingrove | Bloomberg News
Skylar Woodhouse and Josh Wingrove | Bloomberg News
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