“Big news for the global economy and energy markets ” said Fatih Birol, Executive Director of the International Energy Agency, regarding the agreement U.S. – agreement to end the war in the Middle East.
The most important solution for overcoming the energy crisis is the complete and unconditional opening of the Strait of Hormuz, so that oil and natural gas can once again begin to flow to Asia and beyond, Fatih Birol specifically stated, while also assessing that the crisis will lead countries to prioritize the “safer” energy option.
Donald Trump has stated that the Strait of Hormuz will be “completely open” on Friday, the day of the signing of the framework agreement in Switzerland to end the war.
Shipping companies will not resume transit through the Strait of Hormuz for weeks, until there is certainty that the peace agreement is being implemented, says the CEO of Japan’s Mitsui O.S.K. Lines told the Financial Times in an interview published today.
“Given the experience of the past few months, I think it’s reasonable to conclude that it will take a couple of weeks, if not a month,” said Yotaro Tamura.
“We recognize that there are moves toward a ceasefire. However, operations will not resume until it is confirmed that adequate safety conditions exist,” Mitsui O.S.K. Lines in an email to Reuters.
“Resuming transit will require close coordination with the governments of the countries involved, insurance companies, and other stakeholders,” Mitsui wrote in its statement.
