Oil markets were lower in early trade on Monday morning as investors monitored developments in the Middle East. While oil prices dropped following statements from President Donald Trump, they remained above US$100 a barrel with no peace deal in sight.
President Trump announced an operation dubbed Project Freedom, stating the US would begin guiding neutral ships out through the Strait of Hormuz. Brent crude remained largely unmoved by the announcement, though Trump signaled progress on talks with Iran to end the war, which is now in its 10th week.
Additionally, the United Kingdom Maritime Trade Operations agency reported on Monday that a tanker was hit by projectiles north of the city of Fujairah in the United Arab Emirates.