politics
Oil Prices Drop Amid Strait of Hormuz Blockade as US Navy Launches Operation to Escort Stranded Ships
Oil prices declined in volatile trading amid U.S. President Donald Trump's announcement of Project Freedom to escort neutral vessels from the Strait of Hormuz. A tanker was hit by projectiles near Fujairah, UAE, highlighting risks in the region. OPEC+ agreed to boost output by 188,000 barrels per day following the UAE's exit from the group.
May 3, 8:13 PM·3m read5 sources
+2
dailycaller.comAudio version
Tap play to generate a narrated version.
Oil prices fell in choppy trade on Monday. 77 per barrel. U.S. 31 per barrel. The Strait of Hormuz faces a blockade.
Traffic via the Strait of Hormuz has come to a near standstill. About a fifth of the world's energy supplies transited through the Strait of Hormuz prior to the war. A tanker was hit by projectiles north of the city of Fujairah in the United Arab Emirates on Monday, the United Kingdom Maritime Trade Operations agency said.
A vessel reported being hit by an unknown projectile 78nm north of Fujairah, United Arab Emirates, the United Kingdom Maritime Trade Operations Centre reported. All crew reported safe at this time following the projectile hit 78nm north of Fujairah. A cargo ship was struck by multiple small craft near the Strait of Hormuz.
The cargo ship attack was the first such attack on a shipping vessel in the waterway since April 22. The ship was hit right off the coast of Sirik, Iran, just east of the Strait of Hormuz, the United Kingdom Maritime Trade Operations Centre reported. All crew members were reported to be safe following the cargo ship attack off the coast of Sirik, Iran.
Iran’s military has repeatedly warned that any ship that tries to navigate the strait would be attacked unless they pay a toll and prove they are not affiliated with the US or Israel. Tehran has kept the key oil chokepoint in retaliation for US-Israeli joint airstrikes. At least two dozen attacks have been reported around the strait since the war began.
U.S. would attempt to 'free' stranded cargo ships affected by the Strait of Hormuz closure since the start of the Iran war. The United States will launch an effort on Monday to 'guide' stranded ships from the Strait of Hormuz, President Donald Trump stated.
President Donald Trump announced Sunday he was ordering the United States Navy to begin 'Project Freedom' to guide ships stranded in the Persian Gulf to safety. Project Freedom will focus mainly on getting civilian ships flagged in countries not affiliated with the conflict out of the Strait of Hormuz. Project Freedom is set to begin on Monday, Middle East time.
