President Trump Announces Plan to 'Free' Stranded Ships Amid Strait of Hormuz Blockade
Oil prices have risen as President Trump announced plans to 'free' cargo ships stranded due to the closure of the Strait of Hormuz. This development comes amid ongoing tensions between the U.S. and Iran, which have led to a blockade of this critical energy waterway. The Strait of Hormuz is a vital passage for global energy supplies, with about a fifth of the world's energy transiting through it before the conflict. The blockade has significantly disrupted traffic, causing oil prices to fluctuate. Brent crude futures rose by 2.27% to $110.63 per barrel, while U.S. West Texas Intermediate futures increased by 1.98% to $103.96 per barrel. The situation remains tense, as evidenced by reports from the United Kingdom Maritime Trade Operations agency of a tanker being hit by projectiles near Fujairah in the United Arab Emirates. 
