Oil prices ease as US pauses Project Freedom to seek deal with Iran
Trump said the US would pause its operation to guide ships through the key Strait of Hormuz trade route - a move that triggered an escalation in attacks in the region - to see if a deal could be made. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Oil prices have eased following US President Donald Trump's announcement to pause operations guiding ships through the Strait of Hormuz, signaling a potential deal with Iran.
- Brent crude fell 1.7% to $108 a barrel, and US-traded oil dropped 1.6% to $100.60.
- The initiative, named Project Freedom, aims to de-escalate tensions after attacks across the Middle East intensified.
- The Strait of Hormuz is a critical route, with approximately a fifth of global oil and gas shipments crossing it.
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Oil prices drop as US signals Iran deal progress - May 2026
Oil prices have dropped and stock markets have risen globally following reports that the United States and Iran are nearing a deal to end their conflict. The easing of tensions comes after US President Donald Trump announced plans to pause operations guiding ships through the Strait of Hormuz, a vital waterway that has seen renewed standoff. Earlier, the US launched "Project Freedom" aimed at guiding commercial vessels through the Strait of Hormuz, escalating tensions with Iran.
