12 Hrs
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المشهد العربي
US Energy Secretary cautions on Hormuz breakthrough
U.S. Energy Secretary Chris Wray warned against relying on any potential breakthrough in the Strait of Hormuz, emphasizing that betting on a quick agreement with Iran regarding navigation in this vital passage is futile. The market continues to depend on current flows, which provide approximately 10 million barrels per day, and Wray pointed out that the market is experiencing a moderate shortage, not an excessive one. These remarks come amid Iranian efforts to reach a temporary agreement to regulate navigation through the corridor. It is also expected that Wray will issue warnings at the International Atomic Energy Agency (IAEA) conference regarding Iran's nuclear program, which is anticipated to reach its conclusion in one way or another.
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