A new chapter is unfolding in the Middle East conflict. Donald Trump has announced an operation starting this Monday to release vessels stranded for two months in the Gulf. However, Iran, through Ebrahim Azizi, chairman of the Iranian Parliament's National Security Commission, immediately responded on X that any American intervention in the Strait of Hormuz would be considered a violation of the ceasefire.

Starting this Monday morning, the U.S. Navy will escort ships from countries 'that have nothing to do with the Middle East conflict' through the Strait of Hormuz, the U.S. President specified on his Truth Social platform.

He warned that if this operation, dubbed Project Freedom, were to be obstructed by Tehran, it 'would unfortunately have to be dealt with by force'.

Meanwhile, Emmanuel Macron, traveling in Armenia for the eighth European Political Community summit, is demanding 'a concerted reopening of Hormuz between Iran and the United States. It must be done without restrictions and without tolls,' the French President declared.

Since the outbreak of the conflict, Iran has locked down the Strait of Hormuz, through which 20% of global oil consumption typically transits.

In this context, oil prices continue their decline. Around 10:30 a.m., Brent is down 4.14% at 109.37 dollars. WTI is shedding 2.35% at 102.94 USD.

In corporate news, Crédit Agricole SA announced the completion by its subsidiaries LCL and Crédit Agricole Assurances of their joint acquisition of Milleis Group from the investment fund AnaCap, a project originally announced on July 24, 2025. The acquisition by LCL of the entire group (comprising Milleis Banque and its subsidiaries Milleis Vie, Cholet Dupont Oudart, and Cholet Dupont Asset Management) was immediately followed by LCL's sale of the insurance company Milleis Vie to Crédit Agricole Assurances.

Furthermore, Renault Group announced the renewal of its employee shareholding scheme, Renault Group Shareplan, for the fifth consecutive year, reaffirming its 'ambition to build an inclusive and participatory corporate model'. To date, more than 90% of employees are Renault shareholders, representing 6.12% of the capital as of December 31, 2025.

Worldline has finalized the sale of its Electronic Data Management business to SIX. This transaction is part of the group's strategy to refocus on payments in Europe. It is intended to simplify the organization and improve resource allocation, in line with the North Star transformation plan.

Engie, via Ocean Winds, its offshore wind joint venture held 50/50 with EDP Renewables, announced the full operational status of EMYN and the start of electricity production at the EFGL pilot farm.

Industrial and medical gas specialist Air Liquide announced the sale of its biogas production activities in the United States, France, Norway, and Sweden to Mobius Renewables. The press release specifies that these transactions include several production units and distribution infrastructures.

France: manufacturing activity at its highest since May 2022

On the statistical front, investors took note of the manufacturing PMI indices for April. Germany's index came in at 51.4 in April, compared to a consensus of 51.2 and following 52.2 in March, according to S&P Global.

In France, the index improved in line with expectations in April, according to S&P Global data. It rose from 50 to 52.8 points between March and April, reaching its highest level since May 2022.

The index was driven by new orders and production, which recorded their strongest increases since the first half of 2022. However, according to the companies surveyed, these rebounds in demand and activity are primarily based on stockpiling by client companies, as risks of shortages and price hikes have led the latter to pull forward their orders. Consequently, purchase prices rose very sharply again in April, while output price inflation also accelerated.