Oil prices ease as US pauses Project Freedom to seek deal with Iran

He added that "Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran". Trump said the US would continue to block ships transiting to and from Iranian ports - a move designed to put pressure on Iran's economy.To traders, pausing Project Freedom is "a sign that Washington is willing to give diplomacy another chance," said Charu Chanana from investment firm Saxo.She added, however, that it is not a turning point."The key question for oil traders is whether this leads to real progress in reopening trade through the Strait of Hormuz," said Chanana, an investment strategist. "For now, there is little evidence of that."US Secretary of State Marco Rubio also told reporters that the initial US-Israeli offensive in Iran was over, as Washington's objectives had been met."We would prefer the path of peace. What the president would prefer is a deal," Rubio said.Iran has not responded to Rubio's remarks. The country's parliamentary speaker Mohammad Ghalibaf said earlier: "We know well that the continuation of the status quo is intolerable for America, while we are just getting started."Project Freedom, which Trump said was meant to ease the flow of energy through the channel, had tested the ceasefire between the sides.