Oil slips as Trump launches 'Project Freedom' to free ships in Hormuz crisis
TL;DR Summary
Oil prices fell in choppy trading as Trump announced a plan dubbed 'Project Freedom' to free ships stranded by the Iran-linked closure of the Strait of Hormuz. Brent traded around $107.77/b and WTI about $101.31/b, with a tanker reportedly hit near Fujairah, highlighting shipping risks in the Middle East. Markets also looked to an OPEC+ output increase while analysts warned that a prolonged conflict could push the global economy toward recession if prices stay elevated.
- Oil prices fall in choppy trade as Trump plans to 'free' ships stranded due to Mideast conflict CNBC
- CNBC Daily Open: Trump's Hormuz gambit lands with a whimper CNBC
- Trump says US to 'guide' stranded ships through Strait of Hormuz BBC
- Trump skeptical after Iran proposes 14-point peace agreement Fox News
- Oil Falls as Trump Says US to Start Guiding Ships Through Hormuz Bloomberg.com
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