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Barclays warns Strait closure may boost Brent

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Barclays warns Strait closure may boost Brent

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Switzerland recognizes Dubai Financial Market as foreign platform
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U.S. Energy Secretary predicts rising oil exports via Strait of Hormuz

U.S. Energy Secretary predicts rising oil exports via Strait of Hormuz

The U.S. Energy Secretary, Chris Wright, stated that shipping activity and oil exports through the Strait of Hormuz are experiencing a significant increase, despite the tensions between Washington and Tehran that have caused a major slowdown in vessel movement since February. This disruption has led to the interruption of approximately 20% of global oil supplies. The U.S. Energy Information Administration (EIA) expects demand for oil to continue growing next year by 2.5 million barrels per day, with oil prices declining to an average of $79 per barrel compared to the levels seen in June and July.

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