U.S. Energy Secretary Foresees Strait of Hormuz Shipping Resuming Within Weeks

Deep News03-12

U.S. Energy Secretary Chris Wright stated that he believes vessel transit through the Strait of Hormuz could resume "within the coming weeks." He mentioned that the United States plans to release 172 million barrels of oil from the nation's Strategic Petroleum Reserve, a process expected to take approximately four months. "I do not believe this conflict will last that long," he said during a program. "I think we will have the Strait of Hormuz reopened well before that. As for the exact timing, well, I cannot say for certain yet." Iran has taken action to disrupt oil shipments through the waterway, with several vessels having been attacked in the area. Currently, most ships have ceased transiting this strait, which runs along Iran's border. Typically, around 20% of the world's oil supply passes through this route.

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