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New failure – US suspends "Project Freedom" - Iran: Trump is lying about imminent deal, new mechanism in Hormuz

New failure – US suspends
None of the US plans are working in the Persian Gulf and the Americans are inventing scenarios to justify the unjustifiable... Iran claims.

Ultimately, Project Freedom in the Strait of Hormuz did not last long... having launched on May 4, 2026, and being suspended by May 6, 2026. US President Trump temporarily suspended the Project Freedom escort mission in the Strait of Hormuz, emphasizing that significant progress has been made toward a full and final agreement with Iranian officials. However, Iran states that it is not negotiating with the Americans and that no agreement exists. None of the US plans are working in the Persian Gulf and the Americans are inventing scenarios to justify the unjustifiable, Iran argues. Meanwhile, Iran officially inaugurated a new mechanism for managing maritime traffic through the strategic Strait of Hormuz. Under the new system, all vessels intending to transit the Strait of Hormuz will receive an email from the official address info@PGSA.ir outlining transit rules and regulations. Nevertheless, Brent crude has retreated from $115 to $108 per barrel.

Trump: Project Freedom frozen in the Strait of Hormuz, major deal with Iran approaching

The United States has temporarily suspended the Project Freedom escort mission—Operation Freedom—in the Strait of Hormuz, US President Trump announced. "Based on requests from Pakistan and other countries... and the fact that significant progress has been made toward a full and final agreement with Iranian officials, we have jointly agreed that while the blockade remains in full force, the Project Freedom mission will be suspended for a short period to see if a deal can be finalized and signed," he wrote on Truth Social. The US announced on May 3 that countries worldwide allegedly asked the United States to release ships blocked in Hormuz, prompting him to declare Operation Freedom. According to Axios, the US fleet is set to remain "within close range" of commercial vessels in case of "attacks" by the Iranian military. The United States also intends to provide mariners with information regarding safe transit routes.

The US makes amazing deals because Hormuz is closed...

The US is making amazing deals with Asian countries as a result of the closure of the Strait of Hormuz, Trump noted. He explained that as a result of the blockade of the transport artery through which energy resources from Persian Gulf countries entered global markets, Asian countries turned to American oil and gas. We are making incredible, significant deals with South Korea, with Japan. Ships are lining up on the other side of the ocean, like a highway, and they are all heading toward Texas and Louisiana. Alaska, by the way, is very close to many Asian countries, Trump emphasized. According to Yahoo Finance, the US president plans to permanently block the Strait of Hormuz, hoping this will force Iran to abandon its nuclear program. Trump hopes the economy of the export-dependent Middle Eastern state will collapse before rising fuel prices, supply shortages, and renewed inflation cause damage to American consumers and allies abroad.

Iran: Another Trump attempt failed in Hormuz – IRGC: Americans at a dead end, will end up at the bottom, there are no negotiations

According to Iran, "US President Trump claims he is 'suspending' the so-called 'Project Freedom,' a new intrusive military adventure aimed at opening the Strait of Hormuz, amid strict controls exercised over the waterway by Iran." Framed as a "humanitarian" effort to free stalled commercial ships, the project was supposed to see the US "guiding" commercial vessels out of the Strait of Hormuz. Reacting to news regarding Project Freedom, however, the Islamic Revolutionary Guard Corps (IRGC) warned that any maritime movement contrary to the principles declared by the IRGC Navy would face serious risks. IRGC spokesperson Brigadier General Hossein Mohebbi emphasized that any vessel invading the borders would be "forcibly immobilized," dismissing as "baseless" statements to the contrary regarding the shipping affairs governing the Persian Gulf.

Iran closed the strait to enemies and their allies following the start of the latest unprovoked aggression by the United States and the Israeli regime targeting the Islamic Republic on February 28. It began exercising much stricter controls after Trump announced an illegal blockade of Iranian ships and ports, following the aggression and in violation of the ceasefire terms previously announced by the US president himself. The IRGC Navy pledged to implement the "historic" directive of the Leader of the Islamic Revolution, Khamenei, regarding the Persian Gulf and the Strait of Hormuz. "Foreigners with 'sinister' conspiracies targeting the Persian Gulf have no place in the region 'except at the bottom of the waters'." Adding to his remarks, Trump claimed his "decision" to halt the project was based in part on the "fact that great progress has been made toward a full and final agreement" with Iran. Iran, however, categorically refused to return to talks with the United States as long as the blockade remains in effect. Meanwhile, observers commenting on Trump's post warned of the US president's attempt to use the announcement to hide the possibility of a new imminent aggression.1_69.jpeg

Axios: Trump could resume the war with Iran as early as this week

Some US and Israeli officials believe that US President Trump may decide to resume hostilities if negotiations with Iran reach a dead end. Despite this, Washington officially states that the ceasefire remains in effect. "The ceasefire is currently underway," the US Department of War emphasized. At the same time, the US military admits it is ready to quickly resume hostilities if Trump gives the order to do so.

Iranian Foreign Minister Araghchi in Beijing - China pushes for opening of the Strait of Hormuz

Iranian Foreign Minister Abbas Araghchi is in Beijing, where he has already held meetings with his Chinese counterpart, Wang Yi. Reports indicate that two issues will be at the center of the agenda: maintaining the ceasefire and reopening the Strait of Hormuz. These are two issues that China strongly desires and about which it has expressed itself very clearly. Since the US imposed a naval blockade on Iranian ports, China has voiced strong criticism, characterizing it as dangerous. However, recently Beijing has also increasingly criticized Iran for the continued disruption of this vital maritime passage. What we know is that Beijing will discuss with Iran what kind of support it is prepared to continue offering Tehran if Iran closes the Straits. Iran would need Chinese support, for example at the United Nations, to prevent any action that would impose additional sanctions against it due to the closure of the Straits. The Iranian Foreign Minister is reportedly seeking clarifications from Beijing regarding what China is willing to offer when it meets with Trump—specifically whether Beijing intends to make concessions to Washington that might cause concern in Tehran. In exchange, China also desires its own assurances that Iran will not proceed with retaliation or dramatic action ahead of this particularly important meeting.

Iran: "Confronted" reconnaissance drones over Qeshm Island

Iranian officials state that reconnaissance drones were "confronted" over Qeshm Island. Provincial authorities in Iran stated that the loud noises heard on Qeshm Island, in the Strait of Hormuz, were the result of the "confrontation" of drones by anti-aircraft defense and that no explosions or damage occurred, according to the official Iranian Student News Network. Local authorities in Hormozgan province reported that the sounds were caused by the action of anti-aircraft defense systems against small drones and reconnaissance drones, denying there was damage to Qeshm Island. The announcement was issued following reports of explosions on the strategically important Iranian island. Despite the ceasefire with the US, the Iranian air defense has intercepted drones multiple times in recent weeks, including over Tehran, according to reports.2_1289.jpg

Iran imposed a new mechanism for management in the Strait of Hormuz

Iran officially inaugurated a new mechanism for managing maritime traffic through the strategic Strait of Hormuz. According to the new system, all ships intending to transit the Strait will receive an email from the official address info@PGSA.ir describing the transit regulations. Ships are required to adjust their activities according to this framework and obtain transit permission before crossing the Strait of Hormuz, one of the most critical shipping bottlenecks for oil in the world. The initiative, described as a sovereign governance system, now operates in the Strait of Hormuz, through which approximately 20% of all internationally traded oil passes. The Iranian armed forces have placed the Strait of Hormuz under strict control, blocking all ships connected to the US and Israel following the start of their aggressive war against the Islamic Republic on February 28. Iran had expressed willingness to reopen the Strait of Hormuz after the US and Israel agreed to include Lebanon in a ceasefire agreement mediated by Pakistan, which helped end the aggression against Iran. However, Iranian authorities closed Hormuz again as the US and Israel continued to violate the truce terms.

Israeli ships permanently blocked, US ships subject to strict restrictions

A bill currently being considered in the Iranian parliament will impose a full ban on any ship related to Israel, while ships linked to the US and other hostile countries will face strict restrictions. The legislation also establishes a toll system for the transit of non-hostile ships. Tensions have escalated sharply in recent days after the United States launched an operation aimed at abolishing Iran's control over Hormuz. Iranian forces have repeatedly warned US warships not to approach the strategic waterway. Iran's naval forces launched missiles and drones near US destroyers that ignored repeated calls to stay away from the Strait of restrictions. Iranian officials have vowed to maintain their sovereign authority over the checkpoint, warning that any attempt to challenge their control will be met with force.

British organization: The Strait of Hormuz is now the most dangerous place in the world

The United Kingdom Maritime Trade Operations (UKMTO) commented in an official statement that the Strait of Hormuz is currently the most dangerous place in the world for commercial ships. This announcement comes at a time when Trump has promised to ensure safe passage through the Strait of Hormuz, but shipping companies feel there is massive risk. The security threat level in the Strait of Hormuz and surrounding areas remains at its highest level, critical, according to the report. The organization stated that the US Navy responded to threats indicating increased risk to vessels. "A cargo ship in the Strait of Hormuz was hit by an unknown projectile and the incident has been reported. The extent of the damage and the environmental consequences of this attack have not yet been fully determined." The UK Maritime Trade Operations Authority then examined accident statistics from late February to May 5, 2026, and recorded:

Total reports received: 45 incidents Direct attacks: 25 Suspicious activities: 18 cases Vessel seizure: 2 cases

According to the announcement, commercial traffic in the Strait of Hormuz has dropped sharply and is well below the historical average (approximately 138 ships per day), and many shipping companies are avoiding the transit of their vessels through this waterway.3_249.png

Strategic Culture: The US will suffer catastrophic consequences if they attack Iran again

The United States will face catastrophic consequences if they decide to resume attacks against Iran, British journalist Martin Jay highlights in an article for the geostrategic analysis magazine Strategic Culture. "The US already tried it last time, exhausting a significant portion of their weaponry stockpiles and breaking every record for the number of missiles launched in such a short period. This essentially did not bring Iran closer to defeat—on the contrary, it only made it stronger and secured it broader support," the analyst explained. According to Martin Jay, if attacks resume, Tehran will respond with toughness, as it could cause serious damage to the oil infrastructure of Saudi Arabia, the restoration of which would take approximately ten years. Furthermore, Iran is likely to attack US warships, and these attacks "would be unprecedented." Earlier, Secretary of State Marco Rubio stated that the United States and Iran could reach a diplomatic settlement.

CNN: "Live targets" - Iranian strikes damaged at least 16 US military bases

Iranian strikes have disabled most US bases in the Middle East, CNN reports. "Iranian strikes caused damage to at least 16 US military facilities, representing the majority of US positions in the Middle East. Among the targets destroyed were expensive and strategically important equipment, calling into question America's presence in the region itself," CNN reports. The US military had never seen anything like this at its bases: "These were fast, precise attacks using advanced technology." "US allies in the Middle East face a dilemma. The threat from Iran only increases the need for US presence in the region. But a new reality has also emerged: US military facilities, once considered impenetrable fortresses, have become 'live targets'."

www.bankingnews.gr

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