Trump Hits Pause on Project Freedom, Oil Prices Do a Happy Dance

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Well, well, well. Looks like the oil market just did a little jig after Donald Trump decided to hit the snooze button on his grandly named “Project Freedom.” Brent crude took a 1.81% nosedive to $107.88 a barrel, and West Texas Intermediate (WTI) wasn’t far behind, slipping 1.72% to $100.51. Because nothing says “freedom” like a good old-fashioned price drop, right?

And it wasn’t just oil feeling the chill. Natural gas was like, “Me too!” and dropped 0.67% to $2.77. Gasoline? Down 0.93% to $3.59. Heating oil? Lost 1.28% to $3.98. Basically, the energy complex threw a pity party, and everyone was invited.

Why Did Trump Hit Pause? Let’s Ask Truth Social!

Trump, ever the social media maestro, broke the news on Truth Social (because where else?). Apparently, Pakistan and “other Countries” (yes, with a capital C, because why not?) asked nicely, and he’s also feeling optimistic about that Iran deal. Aww, how sweet. Progress and diplomacy-who knew?

“Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that… Project Freedom will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” he wrote.

Oh, and don’t worry-the US naval blockade is still “full force and effect.” Because nothing says “we’re pausing” like keeping a blockade in place. Makes total sense.

Follow us on X for more of this chaos as it unfolds.

🚨An Iranian official told me Trump’s post is “riddled with falsehoods” and his operation to “liberate” the Hormuz Strait “failed completely.”

“We will not participate in direct negotiations until the United States formally announces the end of the blockade,” said the official.

– jeremy scahill (@jeremyscahill) May 5, 2026

So, Iran’s like, “Thanks, but no thanks. Also, your facts are wrong.” Classic. Meanwhile, Project Freedom-which was supposed to rescue neutral vessels stuck in the Strait of Hormuz-got the boot faster than a bad Tinder date. CENTCOM even brought out the big guns (literally-guided-missile destroyers, 100+ aircraft, 15,000 service members) for this, and now it’s all just… paused. Oops?

Tehran, unsurprisingly, was not a fan from the start. Senior Iranian lawmaker Ebrahim Azizi called it a ceasefire violation. Because, you know, nothing says “peace” like flexing military might in a strait.

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2026-05-06 06:36