Significant developments have emerged concerning the Strait of Hormuz. While Iran has repeatedly asserted that the strait remains under its control, the US Secretary of Defense has stated that "Iran does not control the strait." On the evening of May 5th, various global assets experienced upward movement.

In US markets, the three major indices opened higher, with the Nasdaq Composite rising nearly 1%.

Regarding US-listed Chinese stocks, the Nasdaq Golden Dragon China Index increased over 0.6%. Individual stocks such as KE Holdings saw gains exceeding 3%, while NIO and Huya rose more than 1%.

Gold and silver prices also surged. At the time of writing, spot gold and silver had both climbed over 1%.

Conversely, crude oil prices fell sharply. At the time of writing, WTI crude oil had dropped nearly 4%.

The news background continues to revolve around events in the Strait of Hormuz. US Secretary of Defense Hagesses stated that Iran would face "overwhelming strikes" if it attacks merchant vessels.

Hagesses indicated that the "Freedom Plan"疏导 operation conducted in the Strait of Hormuz is separate from the "Epic Fury" operation and is temporary in nature. The US is communicating with Iran through both public and private channels to ensure the operation proceeds smoothly. These efforts are ongoing in real-time, and Iran is fully capable of facilitating an agreement.

Hagesses also asserted that "Iran does not control the strait." He stated that to secure the Strait of Hormuz, the US does not need to enter Iranian airspace or territorial waters. Hundreds of vessels are reportedly queued waiting to transit the strait. The US blockade remains fully in effect.

He further commented that, as the current administration assesses a ceasefire status between the US and Iran remains in place, President Trump can continue military actions without seeking Congressional approval.

On May 5th, CNN cited an Israeli source reporting that, as tensions escalate in the Strait of Hormuz, Israel is coordinating with the US and "preparing for potential new strikes against Iran."

The source stated that new strikes would likely focus on energy infrastructure and senior Iranian officials, aiming to pressure Iran into making more concessions in negotiations through a short-term operation.

However, the source emphasized that the decision to resume strikes ultimately rests with President Trump, who is reportedly "frustrated" by the stalled US-Iran negotiations and the inability to reopen the Strait of Hormuz.

At a press conference on May 5th, Chairman of the Joint Chiefs of Staff Caine stated that US forces are prepared to resume large-scale combat operations against Iran at any time, awaiting only the order.

On the same day, US Secretary of Defense Hagesses warned Iran to act cautiously and avoid crossing red lines.

Nevertheless, Caine also noted that, so far, Iranian attacks have not reached the "threshold for restarting large-scale combat operations."

Caine reported that since the ceasefire was announced, Iran has fired on merchant vessels nine times and seized two container ships. He also stated that approximately 22,500 seafarers are currently stranded in the Gulf.

Additionally, US Central Command posted on social media on May 5th that the USS George H.W. Bush aircraft carrier is transiting the Arabian Sea.