Oil Prices Drop 1.7% as US Pauses Project Freedom for Iran Deal

AI Summary

Brent crude oil prices fell by 1.7% to $108 per barrel, while US-traded oil declined by 1.6% to $100.60, following US President Donald Trump's indication to pause Project Freedom to explore a potential agreement with Iran. Earlier this week, oil prices surged over 6% due to escalating tensions in the Middle East. Approximately 20% of global oil and gas shipments traverse the Strait of Hormuz. The market is closely watching for actual progress in diplomatic negotiations, which could impact oil trade in the region.