Oil News: Project Freedom Raises Stakes as Crude Oil Futures Stay Elevated
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Key Points:
- Trump's Project Freedom deploys warships to escort tankers, raising direct confrontation risk with Iran.
- Strait of Hormuz stays frozen, sidelining one-fifth of global oil supply and keeping crude futures bid.
- Iran's unverified warship attack claim moved crude oil futures before the U.S. denial even landed.
June WTI Holds Above $100 as the Strait Stays Frozen and Trump Raises the Stakes
June WTI crude oil is trading at $103.29 Monday morning, up $1.35 or +1.32%. Spot Brent crude oil is at $115.64, up $3.50 or +3.12%. The Strait of Hormuz is still effectively closed, a tanker was struck near Fujairah overnight, and President Trump just announced a military escort operation called Project Freedom that could either reopen shipping lanes or trigger a direct confrontation with Iran. The physical market is tightening with every session and traders are pricing each development as it hits. Keep reading for what the charts are saying and what is actually driving this market.