Trump Considers Restarting Project Freedom, Warns It Would Go Beyond Merely Escorting Ships Through Strait Of Hormuz

• Iran has informed Trump that the U.S. would have to retrieve the nuclear dust buried underneath its facilities following the joint attacks by the United States and Israel.
• However, Trump noted that it’s not clear how the U.S. would get Iran to do it for the time being, adding that it is a matter for further discussion.
• The President also said he is considering suspending the 18% federal gasoline tax.

President Donald Trump on Monday reportedly stated that he is considering restarting the “Project Freedom” initiative after calling Iran’s response to the U.S. proposal unacceptable.

According to a Fox News report, Trump warned that the undertaking would be a larger one this time around than merely guiding ships through the Strait of Hormuz.

Trump added that a final decision on restarting “Project Freedom” has not yet been made, noting that formal discussions are still underway.

US Would Need To Retrieve Nuclear Dust From Iranian Facilities

Trump added that Iran has informed him that the U.S. would have to retrieve the nuclear dust buried underneath its facilities following the joint attacks by the United States and Israel.

He said that this is because the nuclear dust is buried so deep that Iran cannot get to it. However, Trump noted that it’s not clear how the U.S. would get Iran to do it for the time being, adding that it is a matter for further discussion.

Trump Administration Open To Suspending Federal Gas Tax

The President also said during a phone interview with Fox News that he is considering suspending the 18% federal gasoline tax.

Energy Secretary Chris Wright told NBC News on Sunday that the Trump administration is evaluating all options to lower gas prices.

“All measures that can be taken to lower the price at the pump and lower the prices for Americans, this administration is in support of,” Wright said, responding to a question about the suspension of the federal gas tax.

According to AAA data, gas prices are currently hovering around $4.52 per gallon, up more than 50% since the beginning of the war in Iran in February this year.

Wright also noted that if the U.S. finds no viable way to reach a negotiated settlement with Iran, it would use the military to reopen the Strait of Hormuz.

Crude Oil Prices Rise

Meanwhile, crude oil prices rose on Monday. U.S. West Texas Intermediate (WTI) crude futures expiring in June were up more than 2%, hovering around $98 a barrel. Brent crude futures expiring in July gained about 3% to hover around $104 a barrel.

The United States Oil Fund ETF (USO) rose about 3%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was up nearly 5%.

Meanwhile, U.S. equities gained in Monday morning’s trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.22%; the Invesco QQQ Trust ETF (QQQ) rose 0.14%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) edged up by 0.03%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bullish’ territory.

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