# U.S. and Iranian forces clashed in the Gulf, dimming hopes for a quick resolution to the Middle East conflict and a reopening of the Strait of Hormuz.

*genai · news · 2026-05-08 · The Economic Times*

## Key points

- President Trump announced a three-day Russia-Ukraine ceasefire from May 9-11 including prisoner swaps.
- Each side agreed to exchange 1,000 prisoners as part of the ceasefire arrangement.
- Recent U.S.-Iran clashes in the Gulf heightened fears over the Strait of Hormuz reopening.
- Brent crude oil rose 1.8% to $101.80 per barrel amid supply concerns linked to global conflicts.

**Countries:** Russia, Ukraine, United States, Iran

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/markets/us-stocks/news/us-stock-market-live-dow-jones-sp-500-nasdaq-trump-us-iran-israel-war-peace-talks-crude-brent-oil-cloudflare-trade-desk-coreweave-expedia-stock-price-news/liveblog/130959823.cms)

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