Summary
- International oil prices fell on news that military operations in the Strait of Hormuz had been suspended.
- July Brent crude fell 1.21%% to $108.54 a barrel, while WTI futures dropped 1.76%% to $100.5 a barrel.
- Trump said the temporary suspension of “Project Freedom” was a short-term measure tied to progress toward a final agreement with Iran.
Forecast Trend Report by Period
Oil prices moved lower after President Donald Trump said military operations in the Strait of Hormuz would be temporarily halted.
CNBC reported on May 5 that crude benchmarks slipped shortly after Trump announced a pause in “Project Freedom,” an operation intended to ensure ship passage through the Strait of Hormuz.
July Brent crude, the international benchmark, traded at $108.54 a barrel, down 1.21% from the previous session. U.S. West Texas Intermediate futures fell 1.76% to $100.5 a barrel.
In a Truth Social post, Trump wrote that there had been progress toward a final agreement with Iran and said he would temporarily suspend “Project Freedom.” He described the step as a short-term pause to determine whether a deal could be reached, adding that the policy could shift depending on further progress in the talks.
Meanwhile, about 23,000 crew members on ships from 87 countries in the Persian Gulf region are facing movement restrictions because of Iran’s blockade of the strait, CNBC reported.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
