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US Says Oil Flows Could Resume Quickly After Hormuz Reopens
(MENAFN) US Treasury Secretary Scott Bessent said on Wednesday that countries in the Middle East are prepared to swiftly resume oil exports once the Strait of Hormuz is fully operational again.
"I've been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say that once the Straits are open, they can start pumping again within one week," Bessent told reporters.
He noted that the key waterway has yet to return to full functionality, adding that President Donald Trump indicated earlier in the day that conditions may soon improve.
Bessent expressed optimism about the outlook, suggesting that fuel prices could ease in the near future. "So, we will see, and I'm optimistic that during the summer, we will see gas with a $3 in front of it, sooner rather than later," he said.
"I've been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say that once the Straits are open, they can start pumping again within one week," Bessent told reporters.
He noted that the key waterway has yet to return to full functionality, adding that President Donald Trump indicated earlier in the day that conditions may soon improve.
Bessent expressed optimism about the outlook, suggesting that fuel prices could ease in the near future. "So, we will see, and I'm optimistic that during the summer, we will see gas with a $3 in front of it, sooner rather than later," he said.
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