US Oil Giants Warn of Severe Global Energy Crisis if Strait of Hormuz Remains Closed
The heads of three major US oil companies have warned that if the Strait of Hormuz continues to be closed, the global energy crisis will enter a more severe phase. They emphasized that this strategic passage plays a fundamental role in the transportation of the world’s oil, and any disruption will severely shock international markets.
The Wall Street Journal has reported that the executives of these companies have expressed their concerns about rising oil prices and instability in the energy supply chain to US officials. According to them, the ongoing situation could impose additional pressure on consumers and the global economy.
Meanwhile, a White House spokesperson stated that Donald Trump, the President of the United States, has moved towards closer cooperation with the private sector to mitigate the negative impacts of the war on the energy market. No further details about these collaborations have been released.
At the same time, the Spanish newspaper El País wrote in an analysis that the closure of the Strait of Hormuz due to the war against Iran could be the second major energy “shock” in the past four years, following the war in Ukraine. The newspaper predicted that such a situation would lead, in the medium term, to higher oil prices, changes in energy supply routes, and accelerate the adoption of electric energy in some countries.
The Strait of Hormuz is considered one of the most important oil transit corridors in the world, with a significant portion of the region’s oil exports passing through it. Any developments there have widespread repercussions in global markets.
