Oil Eases on Rising Middle East Optimism

2026-05-03 23:24 By Jam Kaimo Samonte 1 min. read

WTI crude fell to around $101 per barrel on Monday, sliding for the third straight session after US President Donald Trump said Washington would move to “free” stranded cargo ships stuck in the Strait of Hormuz and pointed to progress in negotiations with Iran.

The initiative, dubbed “Project Freedom,” is aimed at assisting civilian vessels that are flagged in countries not affiliated with the conflict in exiting the contested waterway so they can resume their business, with implementation set to begin Monday.

At the same time, Iran indicated it is reviewing Washington’s response to its latest 14-point proposal, raising hopes for a diplomatic resolution to the conflict.

Oil prices have surged sharply this year as the Middle East conflict and the effective closure of the Strait of Hormuz disrupted global markets.

Elsewhere, OPEC+ agreed to a symbolic increase in June production quotas, signaling a business-as-usual stance following the United Arab Emirates’ departure.



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