International Oil Prices Decline Amid Reports US Considers Restarting Strait of Hormuz Escorts
International oil prices fell today following reports that the U.S. is considering restarting escort operations for merchant ships through the Strait of Hormuz as early as this week. Saudi Arabia and Kuwait have reportedly lifted restrictions on U.S. military use of their airspace and bases, with market optimism also noted regarding a potential limited interim agreement between the U.S. and Iran.
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- 📰 Published: May 8, 2026 at 05:21
- 🔍 Collected: May 8, 2026 at 05:31 (10 min after Published)
- 🤖 AI Analyzed: May 8, 2026 at 05:34 (2 min after Collected)
NEW YORK (CNA) -- International oil prices closed lower today amidst volatility, following reports that the United States is considering restarting escort operations for merchant ships through the Strait of Hormuz as early as this week.
The Wall Street Journal today cited U.S. and Saudi Arabian officials as reporting that Saudi Arabia and Kuwait have lifted restrictions on U.S. military use of their airspace and bases, and that U.S. President Donald Trump's administration is considering restarting 'Project Freedom' this week to guide ships through the strategic waterway of the Strait of Hormuz.
Reuters reported that Brent crude futures fell by $1.21, or 1.2%, to close at $100.06 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell by 27 cents, or 0.28%, to close at $94.81 per barrel.
Both benchmark oil prices had fallen by as much as $5 per barrel earlier, mainly due to market optimism that the U.S. and Iran are moving towards reaching a limited interim agreement to halt the conflict between the two countries. (Compiled by: Yang Zhaoyan) 1150508
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The Wall Street Journal today cited U.S. and Saudi Arabian officials as reporting that Saudi Arabia and Kuwait have lifted restrictions on U.S. military use of their airspace and bases, and that U.S. President Donald Trump's administration is considering restarting 'Project Freedom' this week to guide ships through the strategic waterway of the Strait of Hormuz.
Reuters reported that Brent crude futures fell by $1.21, or 1.2%, to close at $100.06 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell by 27 cents, or 0.28%, to close at $94.81 per barrel.
Both benchmark oil prices had fallen by as much as $5 per barrel earlier, mainly due to market optimism that the U.S. and Iran are moving towards reaching a limited interim agreement to halt the conflict between the two countries. (Compiled by: Yang Zhaoyan) 1150508
Choose to stand with facts, every sponsorship from you is the power to protect press freedom.
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The text, images, and audio/video on this website may not be reproduced, publicly broadcast, publicly transmitted, or utilized without authorization.