The move temporarily halts the mission launched to guide stranded tankers through the vital route that carries about 20% of global oil
President Donald Trump on Tuesday announced on social media that he is pausing “Project Freedom,” a naval effort to escort commercial ships through the Strait of Hormuz, citing great progress in talks with Iran.
However, Trump added that the US Navy blockade in the region will continue.
Trump’s pause of the naval guidance follows rising tensions with Iran, including drone and missile attacks on US assets and US retaliation that sank six Iranian boats.
A few hours before Trump’s post, Secretary of State Marco Rubio reaffirmed the US commitment to Project Freedom, telling reporters the effort continues.
Oil prices react
Internationally, Brent fell 8.2% to $100.83, while the US West Texas Intermediate dropped 9.8% to $92.28.