"Brent crude, the international benchmark, was essentially flat on Monday morning, as traders saw little hope of Trump's plans resolving the biggest energy disruption in history."
"Senior Iranian officials have signalled that Tehran will not cooperate with Trump's plan, casting further uncertainty over the fragile ceasefire in place between the sides since April 7."
"June Goh, a senior oil market analyst at Sparta in Singapore, said Trump's plans appeared to be geared more towards rescuing stranded seafarers than restoring maritime traffic in the strait."
Brent crude prices remained stable following Trump's announcement of Project Freedom to assist stranded vessels in the Strait of Hormuz. As of 02:30 GMT, Brent futures for July were at $108.25, up 0.08 percent. Trump provided few details on the operation, and Iranian officials indicated non-cooperation, raising concerns about the ceasefire. Reports of tanker incidents near the UAE added to market uncertainty. Analysts suggest that the focus of Trump's plans is more on rescuing seafarers than restoring maritime traffic, with declining global oil inventories likely impacting market sentiment more than political developments.
Read at www.aljazeera.com
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