Global oil prices traded on a subdued note on Monday morning after US president Donald Trump said that the US will guide stranded ships out of Strait of Hormuz.At 7:45 AM, the July contract of Brent on the Intercontinental Exchange was trading at $108.04, lower by 0.12% from its previous close while the June contract of West Texas Intermediate on the NYMEX was down 0.28% at $101.65 a barrel.However, with no concrete peace deal in sight, the fall in prices was limited.“Countries from all over the World, almost all of which are not involved in the Middle Eastern dispute going on so visibly, and violently, for all to see, have asked the United States if we could help free up their Ships, which are locked up in the Strait of Hormuz, on something which they have absolutely nothing to do with They are merely neutral and innocent bystanders! For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump wrote in a post on Truth Social on Sunday.Naming the initiative as 'Project Freedom' he said that the process will begin Monday morning, West Asia time.Blockade impactThe Strait of Hormuz has been largely under a blockade first implemented by Iran in retaliation to initial attacks by the US and Israel on the country, killing of its erstwhile supreme leader Ayatollah Ali Khamenei and then by the....