Oil prices fell on Tuesday after President Donald Trump suspended Project Freedom. Brent crude fell 1.81% to $107.88 a barrel while West Texas Intermediate (WTI) fell 1.72% to $100.51.
The trade remained strong, with natural gas up 0.67% to $2.77, crude oil down 0.93% to $3.59, and burning oil losing 1.28% to $3.98.
Why Did Trump Stop Project Freedom?
Trump confirmed the suspension through a Social Truth post. He mention progress to the Iran deal and the request from Pakistan and other countries as reasons for the suspension.
“Based on the request of Pakistan and other countries, the great military success we have had during the war against Iran and, in addition, that the Great Progress has been made towards a Full and Final Agreement with Iranian Representatives, we have agreed to… he wrote.
The President confirmed that the US naval blockade of Iran’s ports will remain “strong and efficient.” However, Iranian officials reportedly pushed back against Trump’s account.
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The changes came shortly after the operation began. BeInCrypto already reported this Project Freedom was designed to move neutral ships through the Strait of Hormuz.
US Central Command (CENTCOM) was supporting the mission and guided missile destroyers, over 100 aircraft, unmanned aerial platforms, and 15,000 members.
Tehran pushed back from day one. Iran’s legal chief, Ebrahim Azizi, warned that any US intervention in the Strait of Hormuz would be a violation of the ceasefire.
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A note Crude Falls About 2% After Trump Suspends Project Rights in the Strait of Hormuz appeared for the first time BeInCrypto.
