Oil prices fell on Tuesday after President Donald Trump paused the Project Freedom initiative. Brent crude dropped 1.81% to $107.88 a barrel while West Texas Intermediate (WTI) slid 1.72% to $100.51.
The selloff extended across the energy complex, with natural gas off 0.67% to $2.77, gasoline down 0.93% to $3.59, and heating oil losing 1.28% to $3.98.
Why Did Trump Pause Project Freedom?
Trump confirmed the pause through a Truth Social post. He cited progress toward an Iran agreement and a request from Pakistan and other countries as reasons for the halt.
“Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that… Project Freedom will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” he wrote.
The president confirmed that the US naval blockade of Iranian ports will remain in “full force and effect.” However, Iranian officials have reportedly pushed back on Trump’s account.
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The reversal landed shortly after the operation kicked off. BeInCrypto earlier reported that Project Freedom was designed to move neutral vessels stuck in the Strait of Hormuz.
US Central Command (CENTCOM) had backed the mission with guided-missile destroyers, more than 100 aircraft, unmanned platforms, and 15,000 service members.
Tehran pushed back from day one. Senior Iranian lawmaker Ebrahim Azizi warned that any US interference in the Strait of Hormuz would be considered a violation of the standing ceasefire.
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The post Crude Falls Nearly 2% After Trump Pauses Project Freedom in Strait of Hormuz appeared first on BeInCrypto.
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