On Monday, oil prices saw a decline as Brent crude futures decreased by 64 cents to settle at $107.53 per barrel, while US West Texas Intermediate fell by 84 cents to $101.10 per barrel. This drop followed US President Donald Trump's announcement of Project Freedom, which aims to escort ships through the Strait of Hormuz, a critical shipping route. Despite this initiative, oil prices remain elevated due to the lack of a peace deal between the US and Iran, which has left traffic in the Strait restricted. Analysts from ANZ noted that peace talks are stalled, with both countries unwilling to compromise on key issues. Additionally, OPEC+ announced an increase in oil output targets by 188,000 barrels per day for June, although actual supply may remain constrained due to ongoing conflicts in the region.