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US Treasury Secretary: US to Regain Control of the Strait of Hormuz
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US Treasury Secretary Steven Mnuchin, in an interview with Fox News, stated that the increased number of vessels passing through the Strait of Hormuz helps alleviate pressure on oil prices, and any related supply is beneficial. The US aims to restore normalcy. He mentioned that countries have temporarily reached agreements with Iran, and more ships are passing through the strait daily. He also noted that over time, the US will regain control of the Strait of Hormuz, ensuring freedom of navigation through either US or multinational escorts. He further stated that besides vessel passage, the Trump administration facilitated the release of 172 million barrels of crude oil from the Strategic Petroleum Reserve, and lifted sanctions on Russian and Iranian offshore crude oil, which helps alleviate energy supply bottlenecks. He pointed out that the international oil market faces a daily supply gap of about 10 to 12 million barrels, which the US government is working to fill.(fc/da) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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