Brent and WTI edge lower despite ongoing Iran–US tensions as Trump announces plan to guide stranded ships
‘Project Freedom’ set to begin amid a near two-month shutdown of the Strait of Hormuz, a key global energy route
Fresh peace signals emerge as Iran proposes a 14-point plan, though ceasefire remains elusive
Global oil markets remained calm on Monday after US President Donald Trump outlined plans to guide stranded ships out of the Strait of Hormuz. In early trade, the July Brent crude contract was at $108.04 per barrel, down 0.12% from its previous close, while the June West Texas Intermediate (WTI) contract fell 0.3% to $101.65 per barrel.
Market participants remain on edge as the ongoing Iran–US conflict, now entering its third month, shows little sign of easing, with top envoys from both sides failing to reach a long-term ceasefire.
1 May 2026
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“Countries from all over the world—most of which are not involved in the Middle Eastern dispute—have asked the United States if we could help free up their ships, which are stuck in the Strait of Hormuz despite having nothing to do with the conflict. They are neutral and innocent bystanders. For the good of Iran, the Middle East, and the United States, we have told these countries that we will guide their ships safely out of these restricted waterways, so they can resume normal operations,” Trump wrote in a post on Truth Social.
Project Freedom
Trump’s initiative to guide vessels, dubbed Project Freedom, is set to begin on Monday. The Strait of Hormuz—a critical chokepoint that handles nearly 20% of global energy trade—has remained effectively shut for the past two months, raising concerns over higher crude prices, a slowdown in global economic growth, and the risk of a recession.
Iran initially announced the closure of the Strait of Hormuz following the assassination of Ayatollah Ali Khamenei.
After the failure to secure a ceasefire during the first round of peace talks in April, Washington responded by announcing a US naval blockade of the strait and Iranian ports.
Iran Proposes New Peace Plan
Over the weekend, both Tehran and Washington signalled openness to a broader peace framework and further negotiations. While Iran rejected the US proposal, it submitted a new 14-point peace plan via mediator Pakistan.
Trump said on Saturday that he has yet to review the proposal but will do so soon. “I will soon be reviewing the plan that Iran has just sent to us, but I can’t imagine it would be acceptable, as they have not yet paid a significant price for what they have done to humanity and the world over the last 47 years,” he said.
