U.S. Secretary of Energy Chris Wright announced a significant shift in oil traffic through the Strait of Hormuz, after a preliminary agreement between the U.S. and Iran, aiming to resolve longstanding nuclear issues and reopen this vital waterway.
Oil Traffic Through Strait Back To Normal, Says Wright
In an interview with ABC News on Sunday, Wright revealed that oil traffic through the Strait of Hormuz has returned to normal even as President Donald Trump threatened Iran with fresh strikes on Sunday.
This follows a preliminary agreement between the U.S. and Iran, which seeks to reopen the critical waterway while addressing unresolved nuclear issues.
"I’m long out of the business of predicting oil or gasoline prices, but they will continue to head down. Flows of oil and natural gas through the straits have already returned to normal, and they will continue that way whatever happens with the negotiations with the Iranians," Wright said.
