Arabic version: انخفاض أسعار النفط مع توقف الولايات المتحدة لمشروع الحرية لمفاوضات إيران
Oil prices edged lower in early Wednesday trade in Asia after US President Donald Trump raised hopes for an agreement with Iran to end the war. Trump said the US would pause its operation to guide ships through the key Strait of Hormuz trade route – a move that triggered an escalation in attacks in the region – to see if a deal could be made. According to BBC News, Brent, the global benchmark for crude, fell by 1.7% to $108 per barrel, while US-traded oil fell by 1.6% to $100.60.
Earlier in the week, oil prices jumped by more than 6% as attacks across the Middle East intensified, but have since gradually eased. Global energy prices have surged since Tehran threatened to attack ships trying to cross the Strait of Hormuz, in retaliation against US-Israeli strikes since February 28.
Trump said on social media that Project Freedom, the name of the US-led effort to move ships through the channel, would be “paused for a short period of time to see whether or not the Agreement can be finalized and signed”. He added that “Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran”. Trump said the US would continue to block ships transiting to and from Iranian ports – a move designed to put pressure on Iran’s economy.
US Secretary of State Marco Rubio also told reporters that the initial US-Israeli offensive in Iran was over, as Washington’s objectives had been met. “We would prefer the path of peace. What the president would prefer is a deal,” Rubio said. Meanwhile, Iranian officials have not responded to Rubio’s remarks, although parliamentary speaker Mohammad Ghalibaf stated earlier: “We know well that the continuation of the status quo is intolerable for America, while we are just getting started.”
The pause in Project Freedom, which Trump said was meant to ease the flow of energy through the channel and to rescue thousands of stranded sailors, has tested the ceasefire between the sides. The US said it struck several Iranian “fast boats” in the channel, while the United Arab Emirates also accused Iran of launching strikes on one of its oil ports – a claim Tehran has denied.
