US President Trump's reversal on his plan to help ships go through the Strait of Hormuz came after Saudi Arabia suspended the US's ability to use its bases and airspace to carry out Project Freedom, NBC reports citing US officials

The reversal of President Trump's plan regarding the Strait of Hormuz, prompted by Saudi Arabia's actions, indicates a significant geopolitical shift that may escalate tensions in the region. This development could impact energy prices, particularly WTI and Brent crude, as well as create volatility in forex markets, especially for USD and JPY. Traders should watch for ripple effects on equity indices and overall market sentiment as the situation unfolds.