Moscow, April 26: Russia’s Deputy Prime Minister Alexander Novak has stated that it may take several months for the global oil market to return to normal after the disruption in the Strait of Hormuz, even if this crucial waterway is reopened.
In an interview with Russian broadcaster VGTRK, Novak highlighted that the ongoing crisis in the Middle East has severely impacted global energy supplies, leading to significant market shortages.
“The crisis is extremely deep—during this period, a large volume of oil has not reached the market, and many ships are stuck in the Strait of Hormuz,” he remarked.
According to Novak, restoring the balance between supply and demand will take time. He noted, “It will certainly take some time for the market to rebalance and return to previous levels, and in our assessment, this period could span several months.”
Meanwhile, U.S. President Donald Trump and U.K. Prime Minister Keir Starmer have held a phone conversation. A spokesperson from the British Prime Minister’s Office released a statement indicating that both leaders emphasized the need to restore shipping movements quickly. They acknowledged that continued disruptions in Hormuz would have severe repercussions for the global economy and oil supply.
Starmer informed Trump that he is working with France to safely reopen maritime routes.
It is worth noting that the Strait of Hormuz is one of the busiest oil transport routes in the world. The situation has been complicated by U.S. sanctions and Iran’s decision not to reopen the strait. Disruptions here have had widespread effects on the global energy market and prices.
Geopolitical tensions in the Middle East continue to exert pressure on the oil supply chain, raising concerns about serious impacts on the global economy in the near future.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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