Global oil prices declined today after US President Donald Trump announced a temporary halt to Project Freedom, a military effort launched to escort commercial vessels through the Strait of Hormuz.
Brent crude is trading 1.21 percent down at 108.54 US dollars per barrel, while U.S. West Texas Intermediate futures lost 1.76 percent to 100.5 US dollars a barrel.
Despite the pullback in prices, the broader oil market remains tight. Since the conflict began in late February, Brent has surged roughly 50 percent, reflecting the removal of hundreds of millions of barrels of Persian Gulf supply from global markets.
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