Overview
- Project Freedom, which the U.S. launched Monday to help stuck ships, saw a Maersk vessel escorted out of the Gulf, yet ship tracking showed only a trickle of transits and the IMO said roughly 20,000 seafarers remain stranded on about 2,000 vessels.
- Violence escalated around the strait as the UAE reported Iranian drone and missile strikes on Fujairah and U.S. forces said they destroyed six Iranian small boats, while Iranian outlets claimed hits on a U.S. vessel and Tehran denied boat losses.
- Brent crude jumped nearly 6% to close at $114.44 on Monday, then eased to about $113 on Tuesday, reflecting hopes from the first escort but persistent risk as mines, damaged infrastructure, and safety fears continue to choke flows.
- OPEC+ said seven members will lift June output by 188,000 barrels per day, yet UBS and other banks said the increase is too small to counter disrupted shipments, warning that real oil prices could stay elevated for months as inventories run low.
- Energy costs are squeezing households and businesses as U.S. gasoline reached $4.46 a gallon and could hit $5 if the strait stays constrained, with Europe seen at higher risk from pricier imports and thousands of crew facing weeks at sea without relief.