Oil Prices May Not Fall Soon, U.S. Energy Secretary Says
Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tankers. Iran has been firing projectiles and laying mines.
Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tankers. Iran has been firing projectiles and laying mines.
The unit’s arrival in the coming days will give the Pentagon the ability to quickly launch raids.
The Persian Gulf island, targeted by U.S. strikes, is home to Iran’s main oil export terminal. Any disruption could jolt global energy markets.
Geography and regional rivalries have prevented Gulf countries from finding a true alternative to the strait, which the war with Iran has effectively shut down.
The Persian Gulf island, targeted by U.S. strikes, is home to Iran’s main oil export terminal. Any disruption could jolt global energy markets.
Defense Secretary Pete Hegseth said that the disruptions in the Strait of Hormuz were “something we are dealing with.” And about 2,500 Marines were headed to the Middle East to bolster the war effort.
At a news conference, Defense Secretary Pete Hegseth gave no indication of how long it would take before the Navy could escort civilian cargo ships through the Strait of Hormuz.
India relies on huge quantities of cooking gas that is normally shipped from the Persian Gulf.
The threats to shipping in the Strait of Hormuz are complicating President Trump’s calculations about how and when to end the war.
With attacks and threats, Tehran is using the world’s most important transit point for oil and gas as leverage against its enemies.