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 Images
Oil prices fell 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 1.92% to $107.77 per barrel as of 2:05 a.m. ET, while U.S. West Texas Intermediate futures lost 2% to $100.1 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.
Brent oil
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.
Surging oil and energy costs were already creating demand destruction globally, Azimut Group’s co-head of fixed income Nicolo Bocchin warned, adding that even if the waterway reopens, normalization in shipping and trade flows would still take “weeks and weeks.”
