President Trump unveils Strait of Hormuz plan as oil steadies
Oil prices have leveled out (Brent is just under $109 a barrel, and WTI is over $102 a barrel) after President Trump announced a new plan to help ships from neutral countries safely pass through the tense Strait of Hormuz.
Starting Monday, the US will step in to guide stranded vessels through the Strait of Hormuz, hoping to keep things moving despite ongoing conflict with Iran.
US supports operation targeting Iran exports
The US military will support this operation with destroyers, aircraft, and drones (but no Navy escorts).
The goal? Disrupt Iran's oil exports by intercepting ships headed to or from Iranian ports.
All this tension has pushed oil prices up to their highest since 2022, and OPEC+ has now agreed to a symbolic June quota increase and aimed to send a business-as-usual message after the UAE's recent exit.