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It's Wednesday, the 6th of May. Welcome to the President's Daily Brief. I'm Mike Baker, your eyes and ears on the world stage. All right, let's get briefed. First up, the US Is pausing its effort to escort ships to the Strait of Hormuz. Well, that didn't last long as President Trump signals progress toward a deal with Iran. But the blockade remains in place. I'll have the details later in the show. New US Intelligence suggests recent strikes on Iran's nuclear program may not have done as much damage as advertised. Plus, a fired Russian deputy minister reportedly flees to the US to escape fraud charges, raising fresh questions about the current state of the Kremlin. And in today's Back of the Brief, after a seven year freeze, the US And Venezuela reconnect in the skies as direct flights resume between the two countries. But first, today's PDB Spotlight. President Trump announced that the US Is pausing Project Freedom, its short lived effort to escort commercial ships to the Strait of Hormuz after what he described as, quote, great progress toward a potential agreement with Iran. No other information on what exactly that means, but at the same time, he says the US Blockade of Iranian ports will remain fully in place. So for now, the escort mission is on hold. But the pressure, at least for the blockade on the ports is still ongoing. Secretary of State Marco Rubio had earlier accused Iran of piracy, saying nearly 23,000 civilians from 87 countries have been stranded in the Persian Gulf for more than two months. According to Rubio, commercial crews have been unable to safely move through the Strait of Hormuz as Tehran asserts control over the waterway. He added that at least 10 sailors have died as a result of conditions on stranded ships. The US had been moving to change that, actively escorting vessels through the Strait of Hormuz before pausing the mission. As we've been reporting, the US Navy has been using guided missile destroyers and other assets in the Gulf to challenge Iran's grip on one of the most critical waterways on the planet. The goal was restore the flow of commercial shipping and reassert control over the Strait. Now that effort is on hold. But even before the pause, early signs suggested that the strategy was hitting significant limits. Despite American warships in the water and some early success in protecting a handful of tankers, the shipping lanes were still effectively empty and traffic through the Strait of Hormuz remained at a trickle. Before the conflict, roughly 130 ships moved through that narrow passage every single day. According to S and P Global Market Intelligence, a firm that monitors maritime traffic. On the first day of the new operation, just six ships made the crossing. By the following afternoon, that number had dropped to one. And it's not because the US Navy wasn't doing its job. American forces had already defended both military and commercial vessels from Iranian attacks, intercepting missiles and drones in fast attack boats. But at least two ships were still hit earlier this week, including one that caught fire. And that, of course, is the problem. Because of a situation like this, it's not just about whether the Navy can protect ships. It's about whether anyone is willing to take the risk in the first place. And right now, most shipping companies have proven that they're not ready to take that risk. Even if the odds of getting hit are relatively low, the consequences are enormous. A single strike, of course, could mean loss of life, destruction of cargo, environmental damage, and reputational fallout for the companies involved. And no operator wants to test a fragile security environment and end up paying the price. So they've been staying put. Which means the US Is now facing a different kind of challenge, one that can't be solved with missiles or destroyers. Because control of the Strait of Hormuz isn't just about military dominance. It's about confidence. Confidence from insurers, from shipping companies, from global markets. And right now, that confidence just isn't there. And the Iranian regime has understood that. Even after taking significant damage during the US And Israeli campaign, Tehran has managed to hit a critical pressure point by targeting commercial shipping and creating just enough uncertainty to keep traffic suppressed. They don't need to shut down the strait completely. They just need to make it dangerous enough or have a perception of danger that no one wants to use it. And so far, the strategy has worked. Now, Project Freedom did offer Washington one key advantage. It put pressure back on Iran by maintaining a visible military presence and attempting to reopen the lane. The US Signaled it wouldn't simply accept Iran's de facto control of the waterway. But Tehran hasn't been responding just militarily. It's trying now to formalize that control. According to Iranian state media, the regime has introduced what it's calling a Persian Gulf Strait Authority, a new mechanism requiring ships to obtain prior authorization before transiting the strait. How does one spell extortion in Arabic? I'm not sure. Vessels are being instructed to follow guidance issued directly by Iranian authorities, essentially creating a parallel system that treats the waterway as if it's under Tehran's jurisdiction. And that is a very different kind of challenge, because now it's not just about who can patrol the strait. It's about who gets to set the rules. After months of escalation, airstrikes, targeted killings, and now naval operations, the range of available options is obviously narrowing. The US has already demonstrated that it can hit Iran's infrastructure and defend its forces at sea. What it hasn't been able to do, at least not yet, is, is restore normalcy. And that is a different kind of fight because even if Project Freedom continued, it was already likely to fall short of bringing traffic back to pre war levels. And without that, well, the broader economic impact remains in place. Tightened energy markets, elevated prices and continued global uncertainty. All right, coming up next, fresh intelligence cast doubt on the impact of recent strikes on Iran's nuclear program. And a Russian deputy minister reportedly defects to the US I'll be right back. Hey, Mike Baker here with a top tip for anyone trying to save for retirement. I'm talking about a great business called bank on Yourself. Now, bank on Yourself believes that it's time for a better way to grow and protect your money. 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