Oil prices fall in choppy trade as Trump plans to 'free' ships stranded due to Mideast conflict
CNBC • • nation
Key Points:
- Oil prices declined amid market uncertainty following U.S. President Trump's announcement to "free" ships trapped by the Strait of Hormuz closure, with Brent crude down 0.35% to $107.77 and WTI down 0.57% to $101.31 per barrel.
- The Strait of Hormuz remains nearly blocked, severely disrupting a crucial energy transit route that previously handled about 20% of global energy supplies.
- The UK Maritime Trade Operations reported a tanker was struck by projectiles near Fujairah, UAE, highlighting ongoing risks for vessels in the Middle East maritime region.
- The U.S. launched "Project Freedom," deploying military assets including guided-missile destroyers and aircraft to escort civilian ships from non-conflict countries through the Strait of Hormuz.
- OPEC+ agreed to increase oil output by 188,000 barrels per day in its first meeting since the UAE's exit, while experts warn that sustained Brent prices around $125 could trigger a global economic recession.
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