On Monday morning, global oil prices saw a minor dip as US President Donald Trump announced plans to assist stranded ships in the Strait of Hormuz, a vital passage for oil transport. The July contract for Brent crude was trading at $108.04, down 0.12%, while West Texas Intermediate was at $101.65, down 0.28%. Trump's initiative, dubbed 'Project Freedom,' aims to help countries whose ships are affected by the blockade imposed by Iran in response to US actions. This blockade has disrupted about one-fifth of global oil and gas supplies. The situation has also impacted India, with a Marshall Islands-flagged LPG carrier expected to arrive at Visakhapatnam on May 13, 2026. In related developments, OPEC+ has agreed to increase crude oil output by 188,000 barrels per day for June, although this move is largely symbolic due to ongoing disruptions in the Strait. Additionally, Trump expressed skepticism about a new peace proposal from Iran, stating he could not imagine it being acceptable given Iran's actions over the past decades.