Oil falls as US pauses Project Freedom after Trump comment
Business
Oil prices took a noticeable dip on Wednesday after President Trump shared that the US and Iran are making progress in their negotiations.
To help these talks along, the US has paused "Project Freedom," which had been guiding ships through the tense Strait of Hormuz.
This move immediately pushed down both Brent and WTI crude prices.
Persian Gulf disruptions affect 13 million bpd
Disruptions in Persian Gulf oil supply have already been shaking up global markets, with about 13 million barrels a day affected.
Analysts warn that shrinking inventories could mean more price swings ahead.
Meanwhile, Saudi Arabia has lowered its June price for Arab Light crude, signaling more shifts in the market.