US Energy Secretary Urges Caution on Hopes for Quick Strait of Hormuz Deal With Iran
Summary
- US Energy Secretary Chris Wright said markets should be cautious about expectations for a quick resolution to Strait of Hormuz talks with Iran.
- Wright said about 10 million barrels of crude oil a day are being supplied through alternative shipping routes, and that the oil market remains tight but manageable.
- He also reaffirmed that while the US prefers negotiations on the Iran nuclear issue, it is prepared to use military force if a diplomatic solution cannot be reached.
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US Energy Secretary Chris Wright said markets should be cautious about expecting a swift resolution to talks with Iran over the Strait of Hormuz.
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 remains tight but manageable.
Iran is planning to propose a temporary shipping lane through the Strait of Hormuz at talks in Oman on September 14, according to the report. Wright, however, was cautious about expectations that the negotiations would produce a near-term breakthrough.
On Iran's nuclear program, Wright said the US prefers negotiations. He also reaffirmed that Washington is prepared to use military force if a diplomatic solution cannot be reached.
