Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.

The United Kingdom Maritime Trade Operations agency said Monday that a tanker was hit by projectiles north of the city of of Fujairah in the United Arab Emirates.

Brent crude is largely unmoved by Trump's announcement of the operation, dubbed Project Freedom.

Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.

President Donald Trump raised hopes of an agreement between the US and Iran after days of escalation.

Global oil prices plummeted and financial markets rallied after Washington paused a bid to reopen the Hormuz Strait to give peace negotiations a chance

Oil prices jumped on Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, raising fresh fears that the fragile ceasefire between the two countries is rapidly…

Brent crude rises amid clashes in critical waterway.