Oil Prices Ease After US To Escort Ships Through Strait Of Hormuz, Gift Nifty Signals Positive Start Oil prices fall as Donald Trump launches Project Freedom to escort ships through the Strait of Hormuz, easing tensions and lifting Asian markets including KOSPI, Nikkei etc. Global oil prices eased after President Donald Trump announced the launch of ‘Project Freedom’ that will help trapped ships to cross the Strait of Hormuz starting Monday and remove the blockade. “We have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business," Trump said in a post on his Truth Social site. Recommended Stories - 5 States Including Bengal, Kerala, TN Eye Election Results: How Markets May React & Nifty Trading Plan - Alphabet Nears $5 Trillion After Strong Q1, Could Overtake Nvidia Soon To Become Most Valuable - Indian ETF Inflows Hit Record Rs 1.81 Lakh Crore in FY26, Gold and Silver Dominate - Nifty Prediction For Monday, May 4: Markets Await West Bengal Polls Verdict; Know Key Resistance, Support Levels Hundreds of ships and as many as 20,000 seafarers have been unable to transit the strait during the conflict, according to the International Maritime Organization. Brent oil futures dropped sharply to $107 per barrel, while WTI crude oil futures fell to near $100 per barrel. Meanwhile, Iran is also seen to resolve the conflict as it said that it will review Washington’s response to its latest 14-point proposal. Gift Nifty signalled a positive start for domestic markets on Monday morning, trading at 24,240.5 as of 07:24 AM IST, up 93.5 points or 0.39%. Asian Markets Jump Amid Easing Of Geopolitical Tension Asian markets traded firmly higher on Monday, tracking positive global cues and improved risk sentiment. South Korea’s KOSPI Composite Index led the gains, jumping 3.44% to 6,825.92, nearing its 52-week high as strong buying momentum persisted across sectors. Japan’s Nikkei 225 also edged higher, rising 0.38% to 59,513.12, supported by steady investor confidence and recent market resilience. Meanwhile, Hong Kong’s Hang Seng Index advanced 1.77% to 26,231.97, reflecting broad-based gains amid easing global concerns.
Oil Prices Ease After US To Escort Ships Through Strait Of Hormuz, Gift Nifty Signals Positive Start Oil prices fall as Donald Trump launches Project Freedom to escort ships through the Strait of Hormuz, easing tensions and lifting Asian markets including KOSPI, Nikkei etc. Globa…
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Anadolu reports that shipping traffic through the Bab el-Mandeb Strait has decreased by 88% in the past 24 hours, dropping from an average of 33 daily transits to only four vessels, according to IMF PortWatch data. This reduction follows reports that Houthi forces have advanced to key coastal locations, including Mokha and Mayun Island, coinciding with a 91% decline in oil and chemical tanker passage.
Satellite imagery shows extensive damage to a key Saudi Arabian oil pipeline, a development that has reportedly disrupted operations. The assessment is based on a machine-translated headline from an Arabic-language source, so the specific extent of the impact remains unverified.
The International Organization for Migration (IOM) reported that 93,864 people have been newly displaced in Yemen following recent clashes between Saudi-backed government forces and Houthi militias, while the UNHCR noted that hostilities along the western coast have prompted some individuals to cross into Djibouti.
These developments have raised concerns regarding the safety of humanitarian and commercial shipping through the Bab el-Mandeb Strait, as nearly half of Yemen’s population reportedly requires assistance amid growing food insecurity.
The Japanese Shipowners' Association reportedly estimates that Saudi oil deliveries to Asia could take approximately 100 days round trip if the Bab el-Mandeb Strait is closed, a significant increase from the current 40-day route via the Strait of Hormuz.
This potential disruption, which Asashi notes would raise transportation costs, is described in the source material as following the current blockade of the Strait of Hormuz, an event the article attributes to a US-Iran conflict ongoing since February 28.