Breaking Energy Crisis World · May 5, 2026

Trump threatened to blow Iran “off the face of the Earth.” Iran called Project Freedom “Project Deadlock.” Goldman Sachs warned the world is running low on oil. And somewhere in the middle, ships are still trying to get through.

$113 Brent crude per barrel, up ~6% Monday

101 days of global oil supply remaining, per Goldman

230+ tankers still stranded in Persian Gulf

There’s a version of Monday that sounds almost manageable: a few Iranian boats sunk, a couple of ships guided through the strait, some sharp words exchanged. But step back and look at the full picture — oil at its highest price in years, Goldman Sachs warning of depleted global stocks, Iran attacking Gulf allies, and Trump threatening to obliterate a country in a Fox interview — and it’s hard to call any of this under control.

Project Freedom, Trump’s naval push to break Iran’s two-month stranglehold on the Strait of Hormuz, got its first real test on Monday. The results were mixed at best. The U.S. military destroyed six Iranian small boats and intercepted drone and cruise missile attacks. A U.S.-flagged vessel operated by shipping company BIMCO member MKS confirmed it had exited the strait under military protection — one ship, out of some 230 tankers still stuck inside the Gulf.