US Energy Secretary Urges Caution on Hopes for Quick Iran Hormuz Talks
Summary
- U.S. Energy Secretary Chris Wright said markets should be cautious about expectations that Strait of Hormuz talks with Iran will be concluded quickly.
- Wright said about 10 million barrels of crude oil a day are being supplied through alternative shipping routes, leaving the oil market tight but manageable.
- Iran plans to propose temporary shipping lanes through the Strait of Hormuz, but Wright was cautious about expectations that the talks would produce a breakthrough in the near term.
Forecast Trend Report by Period
U.S. Energy Secretary Chris Wright said markets should be cautious about expectations that talks with Iran over the Strait of Hormuz will be resolved quickly.
Walter Bloomberg reported on September 13 that about 10 million barrels of crude a day are being supplied through alternative shipping routes. Wright said the oil market is tight, but manageable.
Iran is expected to propose temporary shipping lanes through the Strait of Hormuz in Oman on September 14. Even so, Wright was cautious about expectations that the talks would produce a breakthrough in the near term.
On Iran's nuclear issue, he said the U.S. prefers negotiations. He also reaffirmed that Washington is prepared to use military force if a diplomatic solution is not reached.
JH Kim
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