The United States announced 'Project Freedom,' a naval operation to escort stranded third-country vessels out of the Strait of Hormuz starting Monday morning, May 4, 2026, following Iran's restrictions on traffic that have left ships low on supplies. President Donald Trump described the effort as a humanitarian gesture via Truth Social, while a senior Iranian official warned it would violate the ceasefire. Oil prices eased slightly on May 4, 2026, as OPEC+ planned output increases.