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Oil prices surged on the first day of Trump’s ‘Project Freedom’ plan to unblock Hormuz

Posted on May 5, 2026
By CNN
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1 min read

Oil prices surged on the first day of Trump’s ‘Project Freedom’ plan to unblock Hormuz

Oil hit its highest price of the year on the first day of President Donald Trump’s operation to guide stranded ships through the blocked Strait of Hormuz, underscoring the intense uncertainty that still dogs the global energy trade.