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Iran attacked the United Arab Emirates on Monday for the first time in almost a month as the weeks-long stalemate between the US and Iran showed signs of devolving into conflict again. The UAE said its air defense systems engaged with 12 ballistic missiles, three cruise missiles and four drones fired from Iran at different parts of the Gulf country. Alerts in the UAE came hours after a tanker owned by Abu Dhabi National Oil Co. was said to have been fired upon by Iranian drones near the Strait of Hormuz. And an oil terminal part owned by Vitol Group was said to have been attacked in the port city of Fujairah. The strikes came as the US military said it helped two American-flagged ships go through the strait as part of a new effort announced by President Donald Trump to open a lane through the waterway. The US said it fought off attacks from Iranian drones, missiles and armed small boats. While one shipping company appeared to confirm the American operation, saying its ship was escorted from the area, the broader details of the plan remain unclear. —David E. Rovella What You Need to Know TodayOil prices surged on the new hostilities in the Gulf area as critical energy infrastructure and tankers came under attack. Brent futures shot up 5.8% to settle above $114 a barrel. The global market loses millions of barrels of oil supplies for every day that the key shipping lane remains blocked, heightening fears of demand destruction and a global economic recession. Equities meanwhile dropped from all-time highs. And with oil prices not far from a four-year peak, the decline in Treasuries sent 30-year yields above 5%. Here’s your markets wrap. 
Sonos shares climbed after the audio brand reported revenue had jumped 8%. But of particular note was its statement that it was filing for tariff refunds totaling $40 million. Sonos made the refund disclosure during its fiscal second quarter earnings call, though Chief Executive Officer Tom Conrad said the timing of when the refund would be received is “uncertain.” The US government is tasked with paying back up to $166 billion in revenue it collected through Trump’s sweeping global tariffs that were struck down by the Supreme Court in February, with the first payments set to go out on May 11. US transportation stocks plunged Monday morning after Amazon announced expanded logistics offerings that will turn it into a major competitor for parcel carriers and air freight companies, potentially remaking the shipping landscape. Amazon has been building out its distribution network for years, primarily focused on boosting fast shipping for sellers on its own marketplace. The retailer is now opening that network to businesses beyond Amazon sellers. It will offer freight, distribution and fulfillment and parcel shipping to standalone customers. The announcement “could be a watershed moment for North American freight transportation companies,” Morgan Stanley analyst Ravi Shanker wrote in a note to clients on Monday. 
Trump’s nationwide deportation campaign is negatively impacting some US-born workers in heavily targeted industries like construction, according to a paper released by the National Bureau of Economic Research, undercutting one of the administration’s primary public justifications for the effort. Areas that experienced particularly large increases in arrests actually saw a decline in work among US-born male workers, a drop driven by those with a high school degree or less, the study found. The researchers also saw no evidence employers increased wages to attract US-born workers to fill roles. The research casts doubt on the idea that stricter immigration enforcement would lead to more job opportunities for Americans, in part because foreign-born and native-born labor often complement rather than substitute for each other. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% offWhat You’ll Need to Know TomorrowFor Your CommuteMore from BloombergEnjoying Evening Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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