Approximately 1,500 Ships and 20,000 Crew Members Trapped in Persian Gulf

The UN's International Maritime Organization reports approximately 1,500 ships and 20,000 seafarers remain trapped in the Persian Gulf due to Iran's nearly 70-day blockade of the Strait of Hormuz. On May 7, 2026, Iran attacked three US destroyers with missiles and drones; the US intercepted and retaliated against Iranian military facilities. Brent crude rose 1.3% to $101.60 per barrel on May 8, 2026.

Strait of Hormuz military clashes

• ▪Commercial sections of a pier on Qeshm Island in the Persian Gulf were targeted on May 7, 2026
• ▪The US military carried out retaliatory strikes against Iranian military facilities, including launch sites and command and control centers, on May 7, 2026
• ▪Iran targeted three US destroyers with missiles, drones and small boats in the Strait of Hormuz on May 7, 2026
• ▪Several explosions were heard near the city of Bandar Abbas, Iran, on May 7, 2026
• ▪The US military intercepted the Iranian attacks on May 7, 2026, and none of the three US destroyers were damaged

Trump ceasefire threats

• ▪Donald Trump and members of his administration visited the Lincoln Memorial on May 7, 2026
• ▪Donald Trump stated "I believe they want the deal more than I do" regarding Iran on May 7, 2026
• ▪Donald Trump called Iranian leadership "lunatic" on May 7, 2026
• ▪Donald Trump stated "It could happen any day, and it might not happen" when asked how close the US was to making a deal with Iran on May 7, 2026
• ▪Donald Trump warned Iran that Washington will "knock them out a lot harder, and a lot more violently, in the future, if they don't get their Deal signed, FAST!" on May 7, 2026
• ▪Donald Trump described the May 7, 2026 incident as a "love tap" on May 7, 2026
• ▪Donald Trump insisted the fragile ceasefire with Iran remained in place on May 7, 2026, despite the exchange of strikes in the Strait of Hormuz

Oil price volatility

• ▪Brent crude oil prices rose 1.3 percent to $101.60 per barrel on May 8, 2026, following the US-Iran exchange of fire in the Strait of Hormuz
• ▪Stock markets pulled back slightly on May 8, 2026, after the US and Iran exchanged fire in the Strait of Hormuz

ASEAN emergency summit

• ▪Leaders of the Association of Southeast Asian Nations met in Cebu, Philippines, on May 8, 2026, to discuss a coordinated response to the Middle East crisis
• ▪The Association of Southeast Asian Nations leaders pressed for a harmonised strategy to ensure energy and food security in response to a nearly 70-day blockade of the Strait of Hormuz on May 8, 2026
• ▪Philippine president Ferdinand Marcos Jr stated "We must ensure ​regional ⁠energy security and resilience" at the Association of Southeast Asian Nations meeting on May 8, 2026
• ▪The Association of Southeast Asian Nations leaders are seeking to diversify suppliers and routes and develop a crisis communication protocol on May 8, 2026

UAE missile defense operations

• ▪The United Arab Emirates air defences were actively engaging with a missile and drone attack early on May 8, 2026
• ▪The United Arab Emirates defence ministry advised residents not to approach, photograph or touch any debris or fragments that have fallen as a result of successful air interceptions on May 8, 2026