06.05.2026 09:36
The announcement by US President Donald Trump that they have temporarily paused the "Freedom Project" in the Strait of Hormuz and his positive messages regarding the possibility of an agreement with Iran have driven oil prices down. With expectations that the global supply crisis may ease, Brent crude fell 1.38% to $108.35, while US crude dropped 1.47% to $100.77. Gold prices rose, supported by a weaker dollar and the decline in oil prices.
US President Donald Trump's announcement that they have temporarily halted the "Freedom Project" launched to support the passage of ships stranded in the Strait of Hormuz had a sharp impact on oil markets. Trump's message that "great progress has been made" toward a potential deal with Iran strengthened expectations that the supply crisis in the Middle East could ease.
OIL PRICES FALL FOR SECOND DAY
Following these developments, oil prices declined for the second consecutive day. Brent crude fell by 1.38 percent to $108.35 per barrel, while US crude (WTI) dropped by 1.47 percent to $100.77 per barrel. In the previous session, both oil types had lost approximately 4 percent in value.
GOLD PRICES RISE
Gold prices rose, supported by a weakening dollar and the decline in oil prices; signs of easing tensions in the Middle East reduced immediate concerns about inflation.
Spot gold increased by 1.8 percent to $4,637.14 per ounce as of 22:47 TRT (GMT 02:47). US gold futures for June rose by 1.7 percent to $4,647.31.
EYES ON THE STRAIT OF HORMUZ
The Strait of Hormuz, through which about one-fifth of the world's oil and natural gas shipments pass, had largely closed following the start of US-Israeli operations against Iran. Due to the crisis that heightened supply concerns in the global market, Brent crude peaked last week at its highest level since March 2022.
TRUMP: WE PAUSED FOR A DEAL
In a statement on his social media account, Trump said that significant progress had been made in talks with Iranian representatives at the request of Pakistan and some other countries, and announced they had mutually decided to temporarily halt the "Freedom Project."
The US administration had announced that under the "Freedom Project," support was provided for the passage of ships belonging to neutral countries stranded in the Strait of Hormuz.