Rosneft Chief: US firms gain from Hormuz closure

Igor Sechin, CEO of the Russian company Rosneft, stated that American energy companies are the main beneficiaries of closing the Strait of Hormuz, warning that its continued closure could undermine long-term oil demand, especially after Iran rendered the strait effectively closed following attacks on Iran and the US-imposed blockade on its ports. He considered that attempts to reshape the U.S. energy market through the closure of the strait come at the expense of the world, as American companies have benefited from supplies at high prices. He also expected that ongoing tensions will lead to oil prices rising to between $95 and $96 per barrel before declining again next year.

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