HMM container ship struck in Hormuz, Iran threatens blockade for nations joining US sanctions, Trump rejects peace terms as Brent crude tops $104 — Morgan Stanley warns of $150 if straits close
HMM (011200.KS), South Korea's largest container shipping company, reported its vessel Namwoo was hit by an unidentified flying object while anchored in the Strait of Hormuz. Seoul's presidential office immediately convened an emergency NSC working-level meeting. Iran's military simultaneously warned that ships from nations joining U.S. sanctions would be barred from Hormuz transit.
Iran's Army spokesperson warned on May 10 that ships from countries joining U.S. Iran sanctions will be barred from the Strait of Hormuz. Brent crude closed Friday at $101.29 per barrel, up 95% in Q1, with cumulative supply losses approaching one billion barrels.
Brent crude rose to $103.99 (+2.67%) on May 11, touching an intraday high of $106.00, after President Trump declared Iran's latest peace offer 'totally unacceptable.' Morgan Stanley warned a Hormuz closure could push Brent to $150/bbl by summer. Pimco flagged the risk that a prolonged Iran conflict could force the Federal Reserve to raise rates.