Washington (Monitoring Desk)Donald Trump has announced a temporary suspension of the naval operation “Project Freedom” in the Strait of Hormuz, after which global crude oil prices witnessed a notable decline.
According to international market data, US West Texas Intermediate (WTI) crude fell by 1.87% to 100.4 dollars per barrel, while Brent crude dropped by 1.76% to 107.9 dollars per barrel. Similarly, Murban crude also saw a decrease of 1.24% and traded around 106 dollars per barrel.
Experts say the decision has reduced market tensions, easing investor concerns and putting downward pressure on oil prices.
Under Project Freedom, naval operations were aimed at guiding commercial vessels and securing sea routes in the Strait of Hormuz, which is considered a critical passage for global energy supply. Any instability in this region typically has an immediate impact on international oil prices.
Analysts add that if the situation in the region remains stable, further declines in oil prices may be possible, but any renewed tensions could once again push the market into uncertainty.
