President Trump launched Project Freedom on May 4, 2026, as a U.S. naval escort operation to guide commercial vessels through the Strait of Hormuz following Iranian attacks on shipping during the ongoing conflict. The initiative was paused the next day after Trump cited progress in bilateral negotiations toward a peace agreement, with Saudi Arabia also declining requests for base and airspace access. Recent statements have referenced a potential return to the operation or an expanded version if talks stall, while the existing U.S.-Iran ceasefire framework remains in place. Traders are monitoring diplomatic signals from both sides, any shifts in Iranian compliance with shipping routes, and scheduled follow-up meetings that could determine whether the escort mission resumes before the resolution window closes.