US-Iran Ceasefire Holds After Hormuz Clashes and UAE Strikes

By Eltaf Najafizada and Omar Tamo

May 5, 2026 (Bloomberg) –The fragile US-Iran ceasefire held Tuesday morning after a day of clashes involving shipping in the Strait of Hormuz and missile attacks against the United Arab Emirates.

Relative calm returned to the Persian Gulf after US and Iranian forces exchanged fire Monday and Tehran launched missiles and drones toward the UAE, in the worst flareup since the ceasefire began less than a month ago.

The violence erupted after US President Donald Trump announced “Project Freedom,” which he described as a humanitarian effort to guide neutral ships stranded in the Gulf through Hormuz.