Washington (Commerce Desk) Despite US President Donald Trump’s announcement of a plan to extract stranded ships in the Strait of Hormuz, no major change has been observed in global oil prices.
According to an Al Jazeera report, Brent crude oil was recorded at $108.11 per barrel on Monday morning, showing only a slight decline of 0.06 percent.
The report said investors are adopting a cautious approach due to the lack of clarity regarding the details of the plan, and no significant downward trend is currently visible in the market.
Reports suggest that the US military has announced the deployment of warships, more than 100 aircraft, and 15,000 personnel to assist shipping, although there has been no clear mention of direct naval protection.
On the other hand, Iran has opposed the move and warned that any US interference would be considered a violation of the ceasefire.
Tensions in the Gulf waters following reports of attacks on ships have further escalated the situation, however global oil prices have remained stable for now.
