【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, with 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 500 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 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 US has set April 9 as the target date to end the Iran conflict, implying over half a month of fighting and negotiations. Washington is striving to conclude hostilities by the end of April.

Reports suggest that if the conflict ends around April 9, 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 US is pressuring Gulf countries to pay large sums for US involvement in Iran conflicts.

The report mentions that US 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; US 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 reportedly charges “toll fees” to ships passing through the Strait of Hormuz; Dow down 88 points, Nasdaq down 0.6%, oil rebounds 3%

[21:30] Pakistan ready to host US-Iran talks; Dow down 338 points, Nasdaq down 0.6%, oil rebounds 4%

[18:00] [Iran Crisis] Is there hope for US-Iran war? Reports of Trump demanding huge protection fees: $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 prices soften, NY spot gold down 0.9% at $4,400; spot gold at $4,357

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

[13:23] [AI + OpenAI] Reports say OpenAI offers lucrative terms to private equity firms, with a 17.5% minimum return, competing in enterprise AI market

[13:08] [OnlyFans] Billionaire owner Leonid Radvinsky dies of cancer at age 43

[12:34] [Gold Price Trend] Gold continues nine consecutive declines, falling 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 Trend] Gold drops over 20% from high, entering bear market; Morgan Stanley: funds flowing from safe-haven assets to stocks, positive for US equities

[11:19] [Iran Crisis] Prime Minister Suga orders assessment of oil supply chains; Ministry of Finance reportedly consulting on potential intervention in crude futures

[10:36] [AI + Investment] BlackRock CEO: AI wave may worsen 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] Fed official Daly: US economy faces at least two scenarios; Fed must stay flexible to manage risks

[07:48] [AI + Apple] Apple’s WWDC26 to be held June 8, expected to announce new AI features

[06:32] [Iran Crisis] Iran Parliament Speaker denies negotiations with Trump; UK destroyer “Rong” arrives in Mediterranean (ongoing updates)

$1 or less for March 23 US stock market overview====

Monday: Trump comments questioned; Dow halves gains to 631 points, oil down 10%

US President Trump claims negotiations with Iran have paused attacks on power plants, boosting oil and stocks; Dow 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 at 46,208; S&P up 1.1% at 6,581; Nasdaq up 1.4% at 21,946.

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Oil once fell 14.1%, closing down 10%; NYMEX crude at $88.13, Brent at $100.5. Spot gold fell 7%, hitting $4,099.18; close at $4,407.18.

Macquarie FX and rates strategist Thierry Wizman said, “We are cautious about early reports of a ‘breakthrough’ and tweets,” believing war is unlikely to extend beyond April as Iran’s threat may weaken, but large-scale military action is unlikely to end this week.

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

Trump later said that multiple agreements had been reached, including discussions on Iran’s leadership; Iran has agreed to give up nuclear weapons. However, he also warned that if negotiations break down, bombing will continue.

Iran’s Tasnim News Agency later quoted Iranian sources saying the US and Iran have not engaged in negotiations and that no talks are ongoing. It also stated that US attacks continue, and the Strait of Hormuz will not return to pre-conflict status. Another agency, Mehr, 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’s stance is that the US should be the dialogue partner, as Iran did not initiate the war.

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

T. Rowe Price noted that after Iran was attacked, gold prices initially surged as a safe haven, but the rally was short-lived as markets quickly reinterpreted the event as a geopolitical risk. Investors did not see it as a sustained geopolitical crisis but 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 suggests gold prices will continue to be 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. 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.

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 ongoing; Dow up 744, oil down 8%

[20:10] Iran denies negotiations; Dow futures narrow gains; oil down 5%

[19:10] Trump: Progress in Iran talks, delays 5-day ultimatum; Dow futures up 1,207 points, Nasdaq futures up 2.2%, oil plunges 10%

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

[14:13] Oil rebounds: NYMEX crude at $98.97, up 0.8%; Brent at $112.85, up 0.6%

[14:13] [Gold Trend] Spot gold drops below $4,300, erasing this year’s gains; HKD 1,000 per two-tael drop, retreating from high by HKD 10,000

[13:25] [Oil Outlook] Goldman warns of “largest supply shock in history,” raising Brent forecast to $85 in 2026

[13:15] [Iran Crisis] IEA chief: Over 40 Middle East energy assets “severely damaged”; conflict impact akin to 1970s oil crises + 2022 Russia-Ukraine crisis

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

[11:21] [Iran Crisis] Japan and South Korea stocks suffer “Black Monday”; Korean stocks fall 5%, sixth “Sidecar” mechanism 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 day of ultimatum; Trump and Iran threaten to attack civilian infrastructure; oil fluctuates (ongoing updates)

[07:30] [Global Outlook] Continue monitoring Middle East conflict; watch Fed officials’ comments; US March manufacturing PMI due Tuesday

[07:30] Iran conflict intensifies; Trump: “I don’t want a ceasefire”; energy prices volatile; Dow drops over 600 points at times; US 10-year yields hit six-month high; market expects 40% chance of rate hike in September. Dow closes down 443 at 45,577; S&P down 1.51%; Nasdaq down 2.01%.

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Last week’s US market activity, details at: US Market Close | Trump says no ceasefire, Dow drops 443 points, US 10-year yields hit six-month high, 40% chance of rate hike in September