Oil dips, U.S. moves to support vessels stuck
MG News | May 04, 2026 at 10:49 AM GMT+05:00
May 04, 2026 (MLN): Oil prices traded lower on Monday
as investors weighed geopolitical risks following U.S. President Donald Trump’s
pledge to assist vessels stranded by the ongoing closure of the Strait of
Hormuz, a key global energy chokepoint.
Currently, Brent crude futures are down by $0.62, or 0.57%,
to $107.55 per barrel, according to data by Mettis Global.
West Texas Intermediate (WTI) crude futures are down by $0.78 or 0.77%, to $101.16 per barrel by [10:43 am] PST.
Shipping activity through the strategic waterway responsible
for transporting roughly 20% of the world’s energy supply before the conflict has
slowed dramatically, with traffic nearly halted amid escalating tensions
between Washington and Tehran, according to CNBC.
In a post on Truth Social on Sunday, Trump announced a U.S.
initiative aimed at assisting vessels trapped in the area since the outbreak of
hostilities.
The operation, referred to as “Project Freedom,” is expected
to begin Monday and will prioritize the safe passage of civilian ships flying
flags of non-combatant nations.
According to the statement, the effort is designed to allow
affected vessels to resume normal operations and exit the region without
further disruption, as global markets continue to monitor developments closely.
Copyright Mettis
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| KSE100 | 166,418.54 196.26M | 2.10% 3424.37 |
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| OGTi | 33,960.09 4.96M | 2.40% 797.20 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 80,240.00 | 81,015.00 78,605.00 | 1465.00 1.86% |
| BRENT CRUDE | 108.48 | 108.97 105.55 | 0.31 0.29% |
| RICHARDS BAY COAL MONTHLY | 113.00 | 0.00 0.00 | 1.00 0.89% |
| ROTTERDAM COAL MONTHLY | 109.25 | 0.00 0.00 | 1.80 1.68% |
| USD RBD PALM OLEIN | 1,191.50 | 1,191.50 1,191.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 102.29 | 102.78 99.11 | 0.35 0.34% |
| SUGAR #11 WORLD | 14.97 | 0.00 0.00 | 0.02 0.13% |
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