U.S Says Oil Traders Should Not Expect Breakthroughs As Hormuz Blockade Continues

The United States has advised oil traders not to expect a breakthrough on the Strait of Hormuz as Iran plans to pitch other Gulf countries on a deal for passage through the energy chokepoint. U.S. Energy Secretary Chris Wright said in an interview on Sunday that counting on a consensual agreement with Iran is not a good bet, adding that markets will need to continue relying on transit workarounds estimated to still supply 10 million barrels per day of crude and oil products. Wright said world oil markets are tighter than desired but not overly tight. Iran plans to unveil an agreement on a temporary shipping lane through the strait on Monday in Oman following regional diplomacy that included rare direct talks between Iran and Abu Dhabi.

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