Oil prices slip after Project Freedom transit amid Gulf tensions
Oil prices slipped on Tuesday after two U.S.-flagged merchant/commercial vessels made it safely through the tense Strait of Hormuz under "Project Freedom."
This move comes as tensions with Iran heat up: there have been accusations of attacks on infrastructure and a reported strike on a US warship (which the US denies).
Things escalated further after a drone attack hit the United Arab Emirates's Fujairah port, a key spot for oil exports.
Prices fall amid US destroyer deployment
Brent crude futures fell 1.05% to $113.24, while WTI dropped 1.89% to $104.41; Indian crude futures also dipped slightly.
The US has sent guided-missile destroyers to keep commercial shipping safe in the Gulf, but experts say that while "Project Freedom" is helping stranded ships for now, it might not solve deeper regional risks, and markets are still uneasy about what comes next.