President Trump pauses Project Freedom, a U.S. mission to escort ships through the Strait of Hormuz, amid escalating clashes with Iran and ongoing peace talks. Despite recent attacks and counterattacks, officials say the ceasefire remains intact as diplomatic efforts continue.
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Oil prices fell sharply after Iran declared the Strait of Hormuz open amid a Middle East ceasefire, easing fears of supply disruptions. The announcement boosted global stock markets and lowered U.S. gasoline prices, though uncertainties remain about shipping security and ongoing U.S.-Iran tensions.