After the statement by Trump, the oil market quickly went down. Brent dropped to $107.88 per barrel, losing 1.81%, while WTI fell to $100.51.
The drop affected almost the entire energy sector. Gas fell to $2.77, gasoline dropped to $3.59, and heating oil fell to about $3.98.
Why Trump Decided to Pause Project Freedom
Trump confirmed the suspension of the operation in a post on Truth Social. Trump explained the decision by citing progress in negotiations with Iran, as well as requests from Pakistan and a number of other countries.
In his message, he wrote:
‘At the request of Pakistan and other countries, considering the tremendous military success of our campaign against Iran, as well as significant progress in negotiations on a final agreement with representatives of Iran, we have jointly decided to temporarily pause Project Freedom to see if it is possible to complete and sign the agreement.’
At the same time, Trump emphasized that the U.S. naval blockade of Iranian ports will remain fully in effect.
In Iran, meanwhile, they have already begun to dispute Trump’s version.
The operation was paused almost immediately after launch. Previously, it was reported that Project Freedom was launched to escort neutral ships through the Strait of Hormuz.
For the operation, CENTCOM deployed guided missile destroyers, more than 100 aircraft, unmanned platforms, and about 15,000 military personnel.
In Iran, the response to the operation was immediate and tough. Iranian MP Ebrahim Azizi warned that any U.S. intervention in the situation around the Strait of Hormuz would be considered a violation of the ceasefire regime.
