Oil prices expected to stay high despite potential US-Iran deal on Strait of Hormuz
By
The Economist
Tries hard. Doesn't quite make it out of the oven in one piece.
Summary
The article discusses a potential memorandum of understanding between the US and Iran, announced by Donald Trump, which would lift the US Navy's blockade of Iranian ports and reopen the Strait of Hormuz within 30 days. This could restore 15-20% of global oil and LNG supply. However, the deal is not yet signed and could be derailed by skirmishes or disagreements. The article suggests that even with a deal, oil prices will remain high for months, and the pre-war days of $60 crude are not returning soon.
Key quotes
· 4 pulledIT SHOULD BE a moment of huge relief for global energy markets.
A memorandum of understanding (MoU) between America and Iran announced by Donald Trump on June 14th calls for the lifting of the US Navy's blockade of Iranian ports and reopening the Strait of Hormuz within 30 days.
Although the MoU has yet to be formally signed, and the deal could be derailed by skirmishes or disagreements over things such as
The pre-war days of $60 crude are not coming back soon
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