Oil prices ease as US pauses Project Freedom to seek deal with Iran

President Donald Trump raised hopes of an agreement between the US and Iran after days of escalation. Oil prices ease as US pauses Project Freedom to seek Iran deal Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. A man in a green jumper returns a petrol pump after refilling his car Oil prices ease as US pauses Project Freedom to seek deal with Iran Oil prices edged lower in early Wednesday trade in Asia after US President Donald Trump raised hopes for an agreement with Iran to end the war. Trump said the US would pause its operation to guide ships through the key Strait of Hormuz trade route - a move that triggered an escalation in attacks in the region - to see if a deal could be made. to guide ships through the key Strait of Hormuz trade route - a move that triggered an escalation in attacks in the region - to see if a deal could be made. Brent, the global benchmark for crude, fell by 1.7% to $108 (£79.56) a barrel, while US-traded oil fell by 1.6% to $100.60. The price of oil jumped by more than 6% earlier in the week as attacks across the Middle East intensified, but has since gradually eased. Global energy prices have surged since Tehran threatened to attack ships trying cross the Strait of Hormuz, in retaliation against US-Israeli strikes since 28 February. About a fifth of global oil and gas shipments cross the strait. Oil prices overall have been higher since the US-Iran conditional ceasefire, which was announced on 8 April and later extended. Trump said on social media on Tuesday that Project Freedom, the name of the US-led effort to move ships through the channel, would be "paused for a short period of time to see whether or not the Agreement can be finalized and signed". Trump said on social media on Tuesday that Project Freedom, the name of the US-led effort to move ships through the channel , would be "paused for a short period of time to see whether or not the Agreement can be finalized and signed". He added that "Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran". Trump said the US would continue to block ships transiting to and from Iranian ports - a move designed to put pressure on Iran's economy. He added that "Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran". Trump said the US would continue to block ships transiting to and from Iranian ports - a move designed to put pressure on Iran's economy. US Secretary of State Marco Rubio also told reporters that the initial US-Israeli offensive in Iran was over, as Washington's objectives had been met. US Secretary of State Marco Rubio also told reporters that the initial US-Israeli offensive in Iran was over, as "We would prefer the path of peace. What the president would prefer is a deal," Rubio said. Iran has not responded to Rubio's remarks. The country's parliamentary speaker Mohammad Ghalibaf said earlier: "We know well that the continuation of the status quo is intolerable for America, while we are just getting started." Project Freedom, which Trump said was meant to ease the flow of energy through the channel and to rescue thousands of stranded sailors, had tested the ceasefire between the sides. The US said it struck several Iranian "fast boats" in the channel, while the United Arab Emirates also accused Iran of launching strikes on one of its oil ports - a claim Tehran has denied. Vessels in the Strait of Hormuz near Bandar Abbas, Iran, May 4, 2026. Bowen: Strait of Hormuz standoff raises risk of sliding back into all-out war Pro-government protesters wave Iranian flags during a demonstration in April 2026 Some Iranians fear the regime is now more entrenched - and ready for revenge Humanoid robots are being added to the automation of waste sorting. GameStop's boss Ryan Cohen says he sees potential to make eBay a much bigger rival to Amazon. The bill is tied to the estate left by the firm's late chairman Lee Kun-hee, who died in October 2020. What does the operation entail and could it lead to a resumption of hostilities? "Project Freedom", which began on Monday, will be halted because progress has been made toward a deal with Iran, the US president says. He spent much of the race criticising the state's response to the Covid-19 pandemic led by the Democrat nominee. Cole Tomas Allen is now facing charges from a grand jury indictment, which supersedes his previous charges. The bombs started falling at 14:15 in the afternoon - bringing chaos and destruction across the country.