Oil prices fell for the second day in a row on Wednesday. The plunge followed the announcement by Donald Trump in regard to Project Freedom.
The international benchmark Brent crude for July delivery fell by 1.21% to $108.54 per barrel on Tuesday, while US West Texas Intermediate futures dropped by 1.76% to $100.5 per barrel.
Taking to social media, Trump said both sides had agreed that while the blockade would stay in place, “Project Freedom” would be paused temporarily to allow time for the agreement to be finalized.
His remarks followed Marco Rubio’s briefing about the escort plan earlier in the day. The US on Tuesday downplayed the chances of conflict escalating again indicating the end of Operation Fury and a halt to their naval mission- Project Freedom. However, it is said that the Navy blockade of Iranian ports will continue.
Defense Secretary Pete Hegseth confirmed that the ceasefire, which began nearly a month ago, is still holding. Meanwhile, General Dan Caine said Iran’s recent attacks on ships in the Persian Gulf and the UAE do not count as breaking the ceasefire.
Meanwhile, fuel prices remain unchanged on Wednesday, despite the crude oil prices rising. Petrol and diesel rates remained unchanged hinting stability in the coming days.
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