Oil prices fall in choppy trade as Trump plans to ‘free’ ships stranded due to Mideast conflict
Ateela 2 Oil Tanker boat sails at sea on Qeshm Island in the Strait of Hormuz, Iran, on April 28, 2026.
Asgar Besharati | Getty Images
Oil prices fell in volatile trading on Monday as market participants weighed US President Donald Trump’s announcement to “free up” ships stranded by the closure of the Strait of Hormuz amid ongoing tensions between Tehran and Washington.
International benchmark Brent crude futures fell by 0.35% to $107.77 per barrel, while US West Texas Intermediate futures fell by 0.57% to $101.31 per barrel.
While the Strait of Hormuz continues to face a blockade, traffic on the critical energy waterway through which approximately one-fifth of the world’s energy supplies passed before the war has come to a near standstill.
The UK Merchant Marine Operations agency said in a statement on Monday. Tanker hit by bullets It underlines the dangers for ships sailing in the Middle East region, north of the city of Fujairah in the United Arab Emirates.
Brent oil
Trump said in his speech: Real Social post On Sunday, the United States will attempt to “free” stranded cargo ships affected by the closure of the Strait of Hormuz since the start of the Iran war.
The effort, dubbed “Project Freedom,” will focus primarily on removing civilian ships flying flags from countries unconnected to the conflict from the waterway so they can “freely and competently continue their work.” It will start on Monday Middle Eastern time.
“US military support to Project Freedom will include guided missile destroyers, over 100 land and sea-based aircraft, multi-domain unmanned platforms and 15,000 troops,” US Central Command said in a statement shortly after Trump’s announcement. he said.
Investors will also take note of OPEC+ agreeing to increase oil production by 188,000 barrels per day in its first meeting since the exit of the cartel’s key member, the United Arab Emirates.
