US Navy Resumes Hormuz Escorts as First Stranded Tanker Freed, Oil Hits $89.41

On May 26 the US Navy restarted escorts through the Strait of Hormuz under renewed Project Freedom, freeing a Greek supertanker with 2 million barrels after months stranded and clearing the way for a dozen more vessels. The move follows Iran’s May 25 announcement of a phased reopening within 30 days, including mine-clearing and a 60-day ceasefire, after weeks of US-Iran talks that began with Trump delaying strikes on May 19. Optimism over restored flows has driven WTI down more than 5% to a low of $89.41, sharply reducing the geopolitical risk premium even as Iran’s new Persian Gulf Strait Authority maintains regulatory claims and toll authority over the chokepoint.