The signing of a 14-point US–Iran memorandum reopening the Strait of Hormuz has pulled crude back toward $80 a barrel — and in import-dependent Luxembourg, where the Ministry of the Economy fixes maximum pump prices, the relief is already visible on the motorway price boards.
New U.S. strikes in southern Iran were reported while negotiations continued, keeping attention on the Strait of Hormuz and the global fuel-price exposure that matters to Luxembourg.
On 9 May 2026 the UK Ministry of Defence confirmed Type 45 destroyer HMS Dragon is pre-positioning in the Middle East for a UK and France-led multinational Strait of Hormuz mission spanning more than 40 nations, set to begin once a sustained Iran-US ceasefire holds. France has moved the aircraft carrier Charles de Gaulle to the Red Sea.
CENTCOM says US forces destroyed at least six Iranian small boats threatening shipping; the White House signalled it would reject Iran's latest peace proposal because Tehran had "not paid a big enough price".
Almost no commercial shipping is using the strait two months into the war. Reopening it has become the single largest economic question of 2026.
A barrage of missiles and drones hit the Fujairah Petroleum Industries Zone and a UAE-flagged tanker on 4 May, the first major attack on Emirati territory since the 8 April US-Iran truce.