Oil Prices Surge as Iran Threatens U.S. Forces

Crude oil prices surged following Iran's threats to attack U.S. forces entering the Strait of Hormuz. Brent crude oil rose by 1.52%, reaching $109.80 per barrel, while West Texas Intermediate (WTI) increased by 1.56% to $103.50.

The rise in prices occurred despite an earlier drop, as hopes for de-escalation faded. Iranian armed forces warned that any U.S. attack force approaching the Strait would be met with aggression.

In response, U.S. President Donald Trump announced the launch of "Project Freedom," aimed at escorting vessels in the Gulf region.

This initiative is set to begin on Monday morning, May 4, and will involve U.S. guided vessels in the Strait of Hormuz. Trump emphasized the importance of maintaining freedom of navigation in this critical area for global oil supply.

U.S. Central Command (CENTCOM) will support this mission, which is deemed essential for regional security and the global economy.