Oil dips, U.S. moves to support vessels stuck

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.

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