Oil prices dip as US plans to free ships blocked in Strait of Hormuz amid Middle East tensions

Oil prices fell amid volatile trading after US President Donald Trump announced 'Project Freedom' to free civilian cargo ships trapped by the Strait of Hormuz closure due to Iran-US tensions. Brent crude dropped 0.35% to $107.77, and WTI fell 0.57% to $101.31 per barrel. The US military will support the operation with destroyers, aircraft, and personnel to secure safe passage. Meanwhile, OPEC+ agreed to a modest oil output increase of 188,000 barrels per day following the UAE's exit from the group, adding further complexity to the market outlook.