Crude Falls Nearly 2% After Trump Pauses Project Freedom in Strait of Hormuz

Oil prices experienced a nearly 2% decline on Tuesday after President Donald Trump announced a pause to "Project Freedom," an initiative in the Strait of Hormuz. Brent crude fell 1.81% to $107.88 a barrel, and West Texas Intermediate (WTI) dropped 1.72% to $100.51. The selloff also affected natural gas, gasoline, and heating oil. Trump cited progress toward an Iran agreement and requests from Pakistan and other countries as reasons for the halt, stating the US naval blockade of Iranian ports would remain in effect. However, Iranian officials reportedly disputed Trump's account, calling his post "riddled with falsehoods" and stating they would not participate in negotiations until the blockade ends. Project Freedom, which aimed to assist neutral vessels in the Strait, had significant US military backing.

(Source：BeInCrypto)