【US Stock Market Update】Iran Reportedly Collecting "Passage Fees" from Commercial Vessels Transit the Strait of Hormuz; Dow Down 88 Points, Nasdaq Down 0.6%; Oil Prices Jump 3% (Continuously Updated)

Although Tesp has delayed the final ultimatum by 5 days, sporadic attacks continue to occur between Israel and Iran. The Pakistani Prime Minister stated willingness to host US-Iran talks to resolve ongoing conflicts. Oil prices continue to rise, with NYMEX crude at $91.63, up 4%, and Brent May futures at $102.80, up 2.8%. Gold prices fluctuate; spot gold up 0.3% at $4,418.

With no confirmed news on US-Iran negotiations, US stocks declined on Tuesday, with the Dow down 88 points at 46,119, the S&P down 20 points at 6,560, and the Nasdaq down 138 points or 0.6% at 21,808.

Market reports indicate Iran has begun charging tolls to some ships passing through the Strait of Hormuz, collected on a per-ship basis, with a maximum of $2 million per voyage, effectively establishing an informal “toll” in this waterway. Some ships have reportedly paid, but the specific payment mechanisms, including currency used, remain unclear.

Iran’s Tasnim News Agency reported Tuesday that, after close coordination with Iranian authorities, a Thai-flagged vessel successfully passed through the Strait of Hormuz.

According to Israeli media Ynet, citing local officials, the U.S. has set April 9 as the target date to end the Iran conflict, implying over half a month for fighting and negotiations. Washington is striving to conclude hostilities by the end of April.

Reports suggest that if the conflict ends around April 9 as scheduled, Trump plans to visit Israel around May 14, the day of Israeli Independence. Pakistan and other countries are actively mediating, attempting to arrange indirect US-Iran communication, possibly initiating preliminary contacts this week in Pakistan, though neither side has officially confirmed.

Additionally, CCTV citing Russian media reports that Omani journalist and international relations researcher Salem Al-Jahuri confirmed on BBC Arabic that the U.S. is pressuring Gulf countries to pay large sums for U.S. involvement in Iran conflicts.

The report mentions that U.S. President Donald Trump has demanded huge “protection fees” from Arab allies—either $5 trillion (about HKD 39 trillion) to prolong the conflict or $2.5 trillion (about HKD 19.5 trillion) to end it—claiming this as compensation for “achieved results.”

The US dollar index is controlled, rising 0.2% to 99.34; U.S. long-term bond yields have risen to 4.382%.

Hong Kong stocks and ADR markets are continuously updated; see the next page for details.

Market Trends:

【22:50】Iran charges tolls to ships passing through the Strait of Hormuz; Dow down 88 points, Nasdaq down 0.6%, oil surges 3%

【21:30】Pakistan ready to host US-Iran talks; Dow down 338 points, Nasdaq down 0.6%, oil surges 4%

【18:00】【Iran Crisis】Is there hope for US-Iran war? Reports of Trump’s huge protection fee: $2.5 trillion to end the war

【16:00】【Iran Crisis】US sets April 9 as “End of War Day”; Iran continues to deny

【14:00】Dow futures down 258 points at 46,264; S&P futures down 38 points at 6,596; Nasdaq futures down 150 points or 0.6% at 24,258

【14:00】Oil prices rebound; NYMEX crude at $91.6, up nearly 4%; Brent at $103.4, up 3.4%. Gold continues to weaken; NY gold down 0.9% at $4,400; spot gold down 1.1% at $4,357

【14:00】【Iran Crisis】DBS: Short-term gold prices likely to fluctuate amid Middle East conflict; maintain year-end target of $6,250

【13:23】【AI+OpenAI】OpenAI reportedly offers lucrative terms to private equity firms; 17.5% guaranteed return to compete in enterprise AI market

【13:08】【OnlyFans】Billionaire owner Leonid Radvinsky of OnlyFans dies of cancer at 43

【12:34】【Gold Price Trend】Gold declines for nine consecutive days, local price drops below HKD 40,000 per tael

【12:15】【Switch 2】Nintendo plans to cut Switch 2 production by about 33% this quarter; reduction may continue into April

【11:51】【Gold Price Trend】Gold plunges over 20% from high, entering a bear market; Morgan Stanley: funds flowing from safe-haven assets into stocks, positive for US equities

【11:19】【Iran Crisis】Sanae Takashi orders assessment of oil-related supply chains to respond to crisis; Ministry of Finance reportedly consults market on possible intervention in crude oil futures

【10:36】【AI+Investing】BlackRock CEO: AI wave may exacerbate wealth inequality; investors should hedge through stock holdings

【08:37】【AI+OpenAI】OpenAI states dependence on Microsoft poses risks; what other risks exist?

【08:08】【Iran Crisis】Federal Reserve official Daly: US economy faces at least two scenarios; Fed needs to stay flexible to manage risks

【07:48】【AI+Apple】Apple’s annual WWDC scheduled for June 8, expected to unveil new AI features

【06:32】【Iran Crisis】Iranian Parliament Speaker denies negotiations with Trump; UK “Dragon” destroyer arrives in Mediterranean (ongoing updates)

$1 below for March 23 US stock market overview====

Monday: Trump’s remarks still questioned; Dow halves gains to 631 points, oil down 10%

U.S. President Trump claims negotiations with Iran have paused attacks on power plants, boosting oil prices and stocks. The Dow once rose 1,134 points to 46,712; S&P up 2.2% to 6,651; Nasdaq up 2.5% to 22,189. Closing gains narrowed: Dow up 631 points at 46,208; S&P up 1.1% at 6,581; Nasdaq up 1.4% at 21,946.

See US stocks closing:

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Oil prices fell 14.1% during the day, closing down 10%; NYMEX crude at $88.13, Brent at $100.5. Gold prices fell 7% intraday to a low of $4,099.18, closing down 1.9% at $4,407.18.

Macquarie’s global FX and rates strategist Thierry Wizman said, “We remain cautious about early reports of ‘breakthroughs’ this morning,” believing the war is unlikely to extend beyond April, as Iran’s threats may weaken. However, large-scale military actions are unlikely to end within this week.

Trump posted on Truth Social that negotiations with Iran went smoothly over the past two days, and he has instructed the U.S. military to suspend all attacks on Iran’s power plants and energy infrastructure for five days, contingent on ongoing meetings and discussions.

He later claimed that multiple agreements had been reached, including discussions on Iran’s leadership, and that Iran had agreed to abandon nuclear weapons. He also warned that if negotiations break down, bombing will continue.

However, Tasnim News Agency quoted Iranian sources denying any negotiations with the U.S., stating no talks have taken place and that U.S. attacks continue, with the Strait of Hormuz not returning to pre-conflict status. Mehr News Agency also cited Iranian Foreign Ministry officials saying Trump’s comments aim to lower energy prices and buy time for military plans.

Iran’s Foreign Ministry responded that there are initiatives to ease tensions, but Iran insists the U.S. should be the dialogue partner, as Iran has not initiated the war.

Trump further responded that negotiations took place on the evening of Sunday (22nd), emphasizing Iran’s urgent desire for an agreement, and expressed confusion over why Iranian media refutes his statements.

T. Rowe Price noted that after the Iran attack, gold initially surged as a safe haven, but the rally was short-lived as markets quickly reinterpreted the event as geopolitical noise. Investors did not see it as a sustained geopolitical shock but rather as inflation driven by energy prices. This shift pushed real yields higher, strengthened the dollar, and dampened gold’s appeal.

Gold had already gained significantly before the event, limiting further safe-haven inflows. The outlook for gold remains influenced by macro and geopolitical factors. In the short term, real yields and central bank policies will be key, along with energy prices and the dollar trend. The firm still views gold as a strategic asset rather than a short-term trading tool. Structural demand from central banks and policy uncertainties support gold, despite potential short-term volatility.

Hong Kong stocks and ADR markets are continuously updated; see the next page for details.

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Market Trends:

【22:15】Trump: If US-Iran talks break down, bombing will continue; Dow rebounds 890 points, oil down 10%

【21:30】Trump delays final ultimatum by 5 days, says negotiations with Iran; Dow up 744 points, oil down 8%

【20:10】Iran denies negotiations; Dow futures gains narrow; oil down 5%

【19:10】Trump: Progress in Iran talks, delays final ultimatum by 5 days; Dow futures up 1207 points, Nasdaq futures up 2.2%, oil drops 10%

【14:13】Dow futures down 200 points at 45,693; S&P futures down 37 points at 6,521; Nasdaq futures down 167 points or 0.7% at 23,934

【14:13】Oil rises 0.8%; NYMEX crude at $98.97, Brent at $112.85

【14:13】【Gold Trend】Spot gold drops below $4,300, erasing this year’s gains; local gold price down HKD 1,000 per tael, retreating from high by HKD 10,000

【13:25】【Oil Outlook】Goldman warns of “largest supply shock in history”; raises Brent crude forecast to $85 in 2026

【13:15】【Iran Crisis】IEA chief: Over 40 Middle East energy assets severely damaged; conflict impact akin to two oil crises in the 1970s plus 2022 Russia-Ukraine crisis

【11:40】【Yen Trend】Yen against HKD at 4.9; Japanese officials reiterate “export tactics”: ready to take all necessary measures against exchange rate fluctuations

【11:21】【Iran Crisis】Korea and Japan stocks suffer “Black Monday”; Korean stocks fall 5%, sixth “Sidecar” mechanism activation this year; Nikkei drops over 2,600 points

【10:56】【AI+Chips】Elon Musk: Terafab project to be based in Austin; Tesla and SpaceX jointly operate

【07:30】【Iran Crisis】Final ultimatum one day away; Trump and Iran threaten to attack civilian infrastructure; oil fluctuates (ongoing updates)

【07:30】【Global Outlook】Focus on Middle East conflict; watch Fed officials’ comments; US March manufacturing PMI to be released Tuesday

【07:30】Iran conflict intensifies; Trump states on Friday, “I don’t want a ceasefire.” Energy prices fluctuate; Dow drops over 600 points at times; US 6-month bond yield hits high; market odds of a September rate hike reach 40%. Dow closes down 443 points at 45,577; S&P down 1.51%; Nasdaq down 2.01%.

See US stocks closing:

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