Oil prices rose on Friday as investors stayed nervous about attacks and seizures tied to the Strait of Hormuz, even after Iran said around 30 vessels had crossed since Wednesday evening. Brent futures climbed to $106.32 a barrel and WTI to $101.71, with analysts pointing to tight supply as the dominant driver. The White House said Donald Trump and Xi Jinping agreed on keeping Hormuz open, while a ship was reportedly seized near the UAE. Separately, an Indian livestock cargo vessel sank off Oman.
Donald Trump says the US will temporarily pause “Project Freedom,” meant to help commercial shipping in the Strait of Hormuz, after requests from Pakistan and others. The move comes as Washington reports military gains against Iran and progress toward a possible deal. However, Trump stressed the naval blockade of Iran’s ports will remain in place.
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Iran’s top negotiator Mohammad Bagher Ghalibaf warned the US that the Hormuz standoff is only beginning, saying Iran has “not even started yet.” He argued that US and allied actions are jeopardizing shipping security, while insisting their “malign presence will diminish.” The comments underline rising maritime risk in one of the world’s key chokepoints.
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