Iran war’s skyrocketing diesel prices hit American farmers already facing historic drought - MS NOW

On 4 May 2026, in the third month of the Iran war, the US and Iran traded fire as the US pushed to reopen the Strait of Hormuz under 'Project Freedom'. A US admiral said US forces destroyed six Iranian small boats and shot down missiles and drones. Iran said missiles hit a US Navy vessel, which the US denied. The UAE said it was attacked by Iran, including a drone attack on an ADNOC tanker and a fire at an oil facility after an Iranian drone strike, and an Iron Dome battery in the UAE reportedly intercepted an Iranian missile.

Trump said Iran fired at a South Korean-operated vessel that was ablaze in the strait, and urged Seoul to join the Hormuz mission. Macron declined to take part, and a German minesweeper was reported heading toward Hormuz. Iran's Guards released a map of the strait under their control. Oil held its gains, and skyrocketing diesel prices hit American farmers who were already facing a historic drought.