Wright Warns Oil Traders Against Betting on Hormuz Breakthrough
U.S. Energy Secretary Chris Wright told oil traders not to expect a breakthrough on the Strait of Hormuz, according to World Oil.
Wright estimated that transit workarounds are still moving 10 million barrels per day of crude and oil products, World Oil reported.
Iran plans to unveil an agreement on a temporary shipping lane through the strait on Monday in Oman, per World Oil. The plan follows a round of regional diplomacy that included direct talks between Iran and Abu Dhabi, according to the same report.
Wright also said Tehran's nuclear program will end "one way or another," World Oil reported.
On the domestic side, the U.S. nuclear industry remains heavily dependent on uranium imports to fuel reactors that generate about a fifth of the nation's electricity, according to World Oil.
Source: worldoil.com (opens in a new tab)1 sourcePermalink