Oil prices slipped in Asian trade, Brent at $114.05 (-0.3%) and WTI at $105.06 (-1.2%) after prior sharp rally.
Renewed US‑Iran military exchanges and Iranian strikes on UAE infrastructure reignited fears of prolonged supply disruptions in the Strait of Hormuz.
US President Donald Trump announced “Project Freedom” to escort commercial vessels through Hormuz, aiming to restore partial shipping flows temporarily.
ING analysts say relief will be temporary with limited inbound vessels, while Iranian FM Seyed Araghchi says Pakistan talks are progressing.