Oil prices surged at the end of April and into May 2026 as the Iran conflict showed little sign of resolution and the Strait of Hormuz remained effectively closed. Brent crude briefly hit $126.41 a barrel on April 30 before settling around $111 for July delivery; U.S. West Texas Intermediate traded in the mid-$105s. Markets have priced in a sustained supply shock after Tehran restricted traffic through the vital waterway that normally carries about one-fifth of global oil and LNG shipments, while the U.S. Navy enforces a blockade of Iranian exports. A fragile ceasefire has been in place since April 8 but talks have stalled, and Iranian threats of retaliation and reports the U.S. was briefing options for fresh strikes pushed volatility higher. The disruption has translated quickly to pump prices: AAA’s national average rose to about $4.39 per gallon by May 1, with California averaging roughly $6.06, and analysts warn Brent could climb much higher if the strait stays closed for months.

A civil lawsuit filed on April 27, 2026 in New York County Supreme Court accuses JPMorgan Chase executive director Lorna Hajdini of drugging, sexually assaulting and racially abusing a junior colleague and using threats to derail his career. The plaintiff, initially identified in filings as “John Doe” and publicly named in media reports as Chirayu Rana, alleges incidents beginning after he joined the bank’s leveraged finance team in March 2024 and that an internal complaint was lodged in May 2025. The suit says Hajdini used substances including Rohypnol and a performance drug, coerced non‑consensual sexual acts, made racial slurs and accessed private account information; it also names JPMorgan for alleged retaliation, including placing the complainant on involuntary leave and contributing to threats received by him. JPMorgan says an internal review by HR and in‑house counsel found no evidence to substantiate the claims and says the complainant declined to participate fully in its probe. Hajdini has denied the allegations. Court papers were briefly withdrawn for corrections and no hearing date has been set; the plaintiff seeks damages for emotional distress, lost earnings and reputational harm.

Moderna reported stronger-than-expected first-quarter results on May 1, 2026, with revenue of $389 million—more than triple year-ago levels—driven largely by international COVID-19 vaccine sales (about 80% of Q1 revenue). The company posted a GAAP net loss of $1.3 billion, widened by an approximately $0.9 billion charge tied to a litigation settlement with Arbutus Biopharma and Genevant Sciences; Moderna plans a lump-sum payment in a later quarter and is appealing aspects of the case. Excluding the settlement, management said adjusted losses narrowed as R&D spending fell 24% to $649 million and SG&A declined 18% to $173 million. Moderna reiterated a 2026 revenue growth target of up to 10% and guided Q2 revenue to $50–$100 million. The firm highlighted two recent European approvals in its respiratory vaccine portfolio and an Aug. 5, 2026 U.S. FDA decision date for an mRNA flu shot. Executives also pointed to late-stage oncology programs, including a melanoma vaccine partnered with Merck, as potential longer-term value drivers. Shares initially rose on the results.

Chevron reported first-quarter 2026 adjusted earnings of $1.41 per share, beating the LSEG consensus of $0.95, but posted net income of $2.2 billion — its lowest in five years — down from $3.5 billion a year earlier. The oil major said upstream generated $3.9 billion in earnings as higher oil prices, linked to the Feb. 28 U.S.-Israeli war on Iran and disruptions around the Strait of Hormuz, lifted realizations. Production rose about 15% year‑on‑year to roughly 3.86 million barrels of oil equivalent per day, with U.S. output above 2 million bpd. Reported results were weighed by roughly $2.9–$3.0 billion of timing effects from derivatives and inventory accounting that flipped downstream to an $817 million loss; Chevron expects about $1 billion of paper positions to unwind to profit in Q2. The company returned $6.0 billion to shareholders (dividends $3.5 billion, buybacks $2.5 billion), declared a $1.78 quarterly dividend payable June 10, and said adjusted free cash flow was $4.1 billion. Management flagged higher capex tied to the Hess acquisition and reiterated a target of 10% annual adjusted free cash flow growth through 2030.

Federal Reserve Chair Jerome Powell said he will remain on the Fed’s seven‑member Board of Governors after his term as chair ends on May 15, 2026, announcing he will “keep a low profile” but stay until a probe into Fed renovations is fully resolved. Powell’s continuation as a governor — a move that blocks President Donald Trump from immediately filling a seat — comes as the Fed held its policy rate at 3.50%-3.75% after a fractious two‑day meeting that produced the largest dissent on the policy statement since 1992. The Senate Banking Committee on April 29‑30 advanced Trump nominee Kevin Warsh to the full Senate on a 13‑11 party‑line vote; a confirmation vote could come in mid‑May. Justice Department U.S. Attorney Jeanine Pirro has referred the renovation inquiry to the Fed’s inspector general, while reserving the right to reopen a criminal probe. Warsh has pledged “regime change” at the Fed, including looser communications and possible rate cuts, even as several policymakers flagged rising inflation and geopolitical oil risks.