President Trump launched Project Freedom on May 4, 2026, as a naval initiative to guide commercial vessels through the Strait of Hormuz amid the ongoing blockade following U.S. strikes on Iranian forces. He paused the operation the next day, citing progress in bilateral talks with Iran toward a peace agreement and requests from Pakistan and other nations, while keeping the broader naval blockade in place. Saudi Arabia’s refusal to grant airspace or base access contributed to the halt. As of mid-May, Trump has signaled openness to restarting the effort—potentially as an expanded “Project Freedom Plus”—if negotiations stall, with diplomats monitoring deadlines for a final accord. Trader sentiment reflects uncertainty over whether the pause signals genuine de-escalation or a temporary shift pending further diplomatic or military developments.