On May 3, President Trump unveiled “Project Freedom” — a comprehensive U.S. military initiative designed to provide safe passage for commercial vessels navigating through the Strait of Hormuz, commencing May 4. Market participants interpreted this action as a clear de-escalation effort. Trump characterized his administration’s diplomatic engagement with Iran as “very positive,” while Iranian authorities verified receiving an official U.S. response to their most recent peace overture delivered via Pakistani diplomatic channels. Crude oil markets reacted with declining prices. West Texas Intermediate and Brent crude ... (full story)