Oil prices fall as Trump pauses Hormuz escort effort
This photo shows a view of LyondellBasell refinery near the Houston Ship Channel, part of the Port of Houston, on April 29, 2026. Ronaldo Schemidt | AFP | Getty ImagesOil prices fell on Wednesday after President Donald Trump said the U.S. would pause its naval escort effort in the Strait of Hormuz, raising hopes of a potential deal with Iran. Futures for international benchmark Brent crude for July delivery slid 1.21% to $108.54 per barrel Tuesday, while U.S. West Texas Intermediate futures lost 1.76% to $100.5 per barrel.Trump on Tuesday announced in a Truth Social post that the U.S. would temporarily halt "Project Freedom," a military effort launched just a day earlier to escort commercial vessels through the Strait of Hormuz, citing progress in negotiations with Iran toward a final agreement. The Trump administration said roughly 23,000 seafarers across vessels from 87 countries have been stranded in the Persian Gulf following Iran's effective shutdown of the strait.
