U.S. crude stocks rose by 8.4 million barrels last week, according to the American Petroleum Institute.
It could take years to repair damaged energy infrastructure in the Middle East and restore production to pre-war levels.
It will take “a few months for things to come back” once the Strait of Hormuz is no longer effectively closed, Banga said.
Tanker transits Tuesday were 90% below traffic before the U.S. and Israel attacked Iran, according to shipping deata.
The strait has been effectively closed since the U.S. launched a war with Iran, spiking energy prices and whipsawing markets.
Retail and pro traders are obsessed with gauging the traffic in the Strait of Hormuz, thinking they can gain an edge on where oil prices
Trump’s comments come at a time when the U.K. government has said the Iran war energy shock shows the need “to get off the fossil
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