Financial markets were muted on Sunday as investors were reluctant to bite on the latest well-timed social media post from President Donald Trump about Iran.
Futures tied to the Dow Jones industrial average fell 53 points, or 0.11%. S&P 500 futures were up 0.08%, and Nasdaq futures added 0.25%.
U.S. oil futures dipped 0.16% to $101.78 a barrel, while Brent crude rose 0.1% to $108.28. Gold fell 0.68% to $4,613.10 per ounce.
The U.S. dollar was flat against the euro and up 0.08% against the yen. The yield on the 10-year Treasury was steady at 4.372%.
An hour before oil futures began trading, Trump posted on Truth Social that the U.S. will guide ships from “neutral and innocent” countries out of the Strait of Hormuz. He dubbed the effort Project Freedom, which will start Monday.
“The Ship movement is merely meant to free up people, companies, and Countries that have done absolutely nothing wrong — They are victims of circumstance,” he added. “This is a Humanitarian gesture on behalf of the United States, Middle Eastern Countries but, in particular, the Country of Iran.”
Trump also said his envoys were having positive discussions with Iran, but warned that if his Project Freedom is interfered with, it will “have to be dealt with forcefully.”
U.S. Navy
A statement from U.S. Central Command said it will support Project Freedom, adding that the Maritime Freedom Construct initiative announced by the State Department last week aims to “enhance coordination and information sharing among international partners in support of maritime security in the strait.”
U.S. military support for Project Freedom will include destroyers, more than 100 aircraft, unmanned platforms, and 15,000 service members, according to Central Command.
Last month, Navy warships started conducting anti-mine operations in the Strait of Hormuz, though it could take weeks or months to completely eliminate the threats. Meanwhile, Iran has insisted that any ships transiting the strait pay the regime a toll and follow a course approved by the Islamic Revolutionary Guard Corps.
Earlier on Sunday, a cargo ship near the Strait of Hormuz said it was attacked by multiple small boats, marking the first such incident since April 22. While there was no immediate claim of responsibility, the IRGC is known to use small fast-attack boats to assert control over the strait.
Trump made no mention of the Navy or Iran’s toll in his post on Sunday. At the same time, the U.S. military continues to enforce a naval blockade on Iran to keep its oil exports bottled up and add economic pressure.
The Navy has already tested the waters in the strait, by very visibly sending two destroyers through the chokepoint last month despite warnings from the IRGC.
Iranian media said the destroyers turned around after being confronted by the IRGC, which reportedly launched a drone in the direction of the destroyers. The IRGC also said any attempt by military ships to cross the strait would be met with a “firm and forceful response.”
Before then, U.S. warships avoided the strait as Navy officials previously have described it as an Iranian “kill box” filled with numerous threats, including anti-ship missiles, drones, fast-attack boats, and mines.
U.S. Navy
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