By Xenix News
Thank you for reading this post, don't forget to subscribe!Oil prices declined in early trading after the White House unveiled a strategy to direct vessels out of the congested Strait of Hormuz, but then stabilized as traders opted for a wait-and-see stance on the plan’s effectiveness.
Brent crude futures for July, the worldwide benchmark, decreased by 0.7% to $108.97 per barrel at 4:25 a.m. ET. West Texas Intermediate futures, the US standard, dropped by 0.62% to $97.14 per barrel.
US President Donald Trump revealed the initiative, named “Project Freedom,” on Sunday, amid ongoing tense talks to resolve the conflict with Iran. According to CENTCOM, the US military plans to deploy a barrage of weaponry and numerous service personnel to liberate ships trapped in the Strait.
Tehran promptly rejected the proposal, cautioning that any “foreign military force” will face attacks if they attempt to access the channel, as stated by a high-ranking military official.
In the meantime, authorities in Tehran are analyzing the US reply to their 14-point plan presented last week. So far, attempts to return both sides to negotiations have been unsuccessful due to major disagreements – such as the US insisting that Tehran abandon its nuclear arsenal and Iran insisting that the US remove severe economic sanctions and compensate for recent assaults.
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