Overview
- Project Liberty, which began Monday, saw two U.S. destroyers cross the Strait of Hormuz under fire as CENTCOM said it aided two U.S.-flag merchant ships and destroyed several Iranian fast boats.
- The UAE reported intercepting missiles and a drone strike that set the Fujairah oil zone on fire and injured workers, with Emirati officials blaming Iran.
- Oil climbed near $114 a barrel as Goldman Sachs said global inventories are near eight‑year lows and Chevron’s CEO warned falling stocks are tightening supplies.
- Shipping has not broadly resumed because the plan is not a full escort mission, and U.S. officials say vessels from 87 countries remain affected and awaiting safe passage.
- Motorists and shippers face rising costs as U.S. gasoline averages $4.46 a gallon and analysts warn prices could reach $5 if the strait stays constrained.