Two cargo vessels were attacked in the critically important Strait of Hormuz, officials stated Wednesday, after the U.S. prolonged the ceasefire while diplomats strive to unite the U.S. and Iran for peace discussions.

A ship reported being shot at approximately eight nautical miles from the Iranian coast, the United Kingdom Maritime Trade Operations, or UKMTO, center indicated at 8:38 London time (3:38 a.m. ET), which also cautioned of “elevated levels of activity” within the Strait of Hormuz region.

The crew was noted to be safe and accounted for, as per the UKMTO, and the vessel suffered no damage.

This event followed an earlier account of an attack that occurred roughly 15 miles northeast of Oman at 5:47 a.m. London time.

The UKMTO reported that a container ship was approached by a gunboat from the Islamic Revolutionary Guard Corps (IRGC). The IRGC vessel was claimed to have fired upon the ship, inflicting “significant damage” to the bridge. All crew members were reported safe.

Iran’s Revolutionary Guard Navy later asserted that they had captured two vessels for what they described as maritime infringements and sent them to Iranian territory, according to state media.

The assaults occurred shortly after President Donald Trump announced that the U.S. would prolong the ceasefire with Iran to provide the leaders of Iran with an opportunity to present a “cohesive proposal” to conclude the conflict.

This transpired after reports indicated that Vice President JD Vance’s journey to Pakistan for a second round of peace discussions with Iranian officials had been deferred, and after the Iranian state media outlet Tasnim reported that Tehran’s negotiators would skip future discussions.

Oil prices rose following the announcement. International benchmark Brent crude futures for June delivery traded 1.5% higher at $99.97 per barrel, whereas U.S. West Texas Intermediate futures for June delivery rose 1.4% to $90.93.

The Strait of Hormuz serves as a crucial maritime channel connecting the Persian Gulf and the Gulf of Oman. Approximately 20% of the world’s oil and gas typically transit through it.

Incidents involving commercial vessels in the Gulf in recent weeks have heightened concerns of a prolonged economic downturn.

— CNBC’s Dan Mangan and Kevin Breuninger both contributed to this article.

Two data privacy proposals expected to be presented Wednesday and disclosed exclusively to CNBC aim to override nearly twenty state regulations to establish a federal benchmark regulating how technology and finance firms manage consumer information.

The measures — the SECURE Data Act, pertaining to technology enterprises, and the GUARD Financial Data Act for financial service providers – are structured to collaborate in creating a unified national criterion. House Energy and Commerce Chair Brett Guthrie, R-Ky., alongside House Financial Services Chair French Hill, R-Ark., are endorsing the initiatives, likely boosting their chances for initial voting next month.

Guthrie stated to CNBC that the SECURE Act would “put an end to the confusing state-by-state patchwork of laws that fail consumers and small businesses alike.” He indicated that the legislation would resemble certain statutes already enacted by states like Kentucky.

Additionally, aside from overriding state regulations, the initiatives would empower individuals to review, amend or erase their private data, as well as opt out of targeted advertising and the sale of their information, as per the bill text first revealed by CNBC.

Neither initiative would grant individuals the right to litigate against companies for data privacy infractions, a point that Democratic legislators have advocated for in prior data privacy measures.

Congress has made several attempts over recent years to find the appropriate equilibrium on data privacy protections. In addition to the divides between Republicans and Democrats, intraparty disagreements have caused previous initiatives to face challenges in garnering extensive backing. Two years ago, a scheduled vote within the Energy and Commerce Committee concerning a data privacy measure was aborted at the last minute after a number of Republicans obstructed it.

Guthrie is endeavoring to circumvent that situation this time. Last year, he established a task force to cultivate backing among Republican members and gather feedback. The approach is to first guarantee that Republicans possess sufficient votes to propel the measure through the committee, and subsequently work on securing bipartisan support, according to committee personnel. The House Financial Services Committee is adopting a similar strategy.

Federal Reserve chair candidate Kevin Warsh is scheduled to visit Capitol Hill on Tuesday to persuade lawmakers that he can fulfill a presidential mandate for reduced interest rates while maintaining autonomy in policy-making.

During a highly anticipated session before the Senate Banking Committee, the former Fed governor will be questioned on various topics, including monetary policy, banking regulations, and the intricacies of his personal finances.

However, none may prove as crucial as delineating the distinctions between the Fed’s decision-making and political influence.

“He faces a challenging communication dilemma,” remarked Bill English, a Yale School of Management professor and former Fed director of monetary affairs from 2010 to 2015, a period coinciding with Warsh’s tenure.

“I think he will likely address this by articulating his belief that rates can feasibly go lower, potentially significantly lower,” English stated. “At the same time, when directly queried about independence, he should emphasize his commitment to it. He believes independence is crucial and that a less autonomous Fed, in the medium and long run, would harm the nation.”

The issue of political independence has been a prominent concern in the quest for a successor to current Chair Jerome Powell.

In comments he’s set to present to the committee at the outset of the hearing, Warsh provided a conditional endorsement of Fed independence.

“Let me emphasize: the independence of monetary policy is crucial. Monetary policymakers must operate in the nation’s best interest, their decisions rooted in analytical rigor, meaningful discussion, and clear decision-making,” he stated in prepared remarks.

Nonetheless, he mentioned that he does not perceive independence to be jeopardized when the central bank’s actions are scrutinized by elected officials, asserting that “the Fed must remain within its domain” and avoid straying into “fiscal and social policies where it lacks authority and expertise.”

Warsh is likely to confront numerous inquiries regarding his political affiliation with President Donald Trump, who has made it clear that a commitment to lowering interest rates was a key criterion for his nominee. Trump selected Warsh in late January, following an extensive search that involved nearly a dozen candidates.

Democrats in Congress, including leading member Sen. Elizabeth Warren, D-Mass., are anticipated to question the nominee concerning the independence issue, in addition to expressing concerns about his financial situation.

If confirmed, Warsh would become the richest Fed chair in the central bank’s 113-year existence. Financial disclosures submitted ahead of the hearing suggest he would need to divest a substantial portion of his assets to comply with the stringent Fed policies governing where senior officials can invest.

Warren met with Warsh last Thursday and emerged with “serious worries that if he is confirmed, he will act as Donald Trump’s puppet.” She also contended that Warsh had failed to disclose “over $100 million in assets.”

The nomination process itself could be delayed while awaiting the outcome of inquiries into Warsh’s views.

Sen. Thom Tillis, R-N.C., has pledged to block the nomination until an investigation by the U.S. Attorney’s Office in Washington, D.C. regarding renovations at the Fed’s headquarters is concluded. A court overturned U.S. Attorney Jeanine Pirro’s subpoena of Powell, but she has expressed intentions to seek an appeal.

White House officials are optimistic that Warsh will eventually gain the committee’s approval, where Republicans hold a 12-10 majority.

“I anticipate that after everyone sees him at his hearing and observes how agile he is on his feet, how well-versed he is about the Fed, and how sound his ideas are regarding returning the Fed to a nonpartisan stance, it will be difficult to oppose voting ‘yes,'” National Economic Council Director Kevin Hassett stated Monday on CNBC.

Once in position, Warsh will lead a Federal Open Market Committee staffed with officials who have voiced concerns about the forthcoming monetary policy direction. While market expectations keep the committee at a standstill for the remainder of the year, officials themselves still have indicated a potential rate reduction and Warsh has also shown support for lowering rates.

Warsh will “arrive with a vision of what he hopes to consider and accomplish, and then the state of the economy will dictate our actions,” San Francisco Fed President Mary Daly commented last week. “You adapt to the economy you have, and you strategize for the economy you aim to achieve.”

Concerning his strategies beyond rate adjustments, Warsh last year called for changes in leadership at the Fed and claimed that current officials possess a “credibility deficit” that he aims to remedy.

English, the former Fed official, remarked that his experiences with Warsh indicated he could collaborate with others—an essential trait in the consensus-driven central bank.

“He was not a difficult individual for the other policymakers or staff or anyone to collaborate with,” English noted. “So, I doubt he will attempt to drastically change things immediately without bringing the other policymakers along. To persuade them, he will need to present his arguments and rationale in a reasonable manner.”

UnitedHealth Group announced on Tuesday its first-quarter earnings exceeded forecasts and raised its 2026 profit expectations, as the organization manages elevated medical expenses and optimizes its processes.

The largest private insurer in the country projected 2026 adjusted earnings of over $18.25 per share, an increase from a prior estimate of over $17.75 per share. UnitedHealth remains committed to its full-year revenue target of exceeding $439 billion, which the company reported in January reflects “right-sizing across the enterprise.”

Here’s how the company’s results for the first quarter stacked up against Wall Street’s predictions, according to a survey of analysts conducted by LSEG:

• Earnings per share: $7.23 adjusted vs. $6.57 anticipated
• Revenue: $111.72 billion vs. $109.57 billion anticipated

UnitedHealth is relying on a new leadership group to execute a recovery strategy. This plan includes reducing membership numbers, selling the UK division of its Optum healthcare unit, making substantial investments in artificial intelligence, improving care access, and enhancing transparency to restore profitability—alongside the company’s reputation—after facing numerous challenges over the past two years.

The company recorded first-quarter net income of $6.28 billion, or $6.90 per share, in comparison to $6.29 billion, or $6.85 per share, in the same timeframe last year. When adjusting for factors such as business sales, restructuring, and anticipated reductions in reserves for unprofitable contracts, UnitedHealth achieved earnings of $7.23 per share.

Revenue rose to $111.72 billion from $109.58 billion in the same quarter the previous year. Both UnitedHealthcare, the company’s insurance arm, and Optum exceeded analysts’ revenue forecasts for the quarter, as reported by StreetAccount.

Significantly, UnitedHealth seems to have improved its management of rising medical costs—an issue that has plagued the broader insurance sector for over two years. Insurers, particularly those that run private Medicare plans, have been stressed by an influx of patients seeking care that was postponed during the pandemic and high-cost specialty medications like GLP-1s, among other reasons.

UnitedHealth’s medical benefit ratio—a measure of total medical expenses paid against premiums collected—was recorded at 83.9% for the first quarter. This marks an improvement from the 84.8% seen in the same period last year. A lower ratio generally indicates that the company collected more premiums than it disbursed in benefits, resulting in greater profitability.

Analysts were projecting a ratio of 85.5% for the quarter, according to StreetAccount.

In a statement, UnitedHealth indicated that the first-quarter ratio reflects its effective management of medical costs and the release of previously reserved funds for unprofitable Optum contracts. However, that enhancement was somewhat tempered by “consistently elevated” medical expenses, the company noted.

“We continue to work on simplifying and modernizing health care for the individuals and providers we support, delivering enhanced value, affordability, transparency, and connectivity,” UnitedHealth CEO Stephen Hemsley stated in the announcement.

The results arrive shortly after the Trump administration finalized an increase in payment rates for Medicare Advantage plans for 2027 that significantly exceeded initial proposals, providing a boost to UnitedHealth and other health insurance stocks.