Strait of Hormuz to Reopen by Summer, U.S. Energy Secretary Says Potential Deal Within Days

According to U.S. Energy Secretary Wright, on Friday May 15, the Strait of Hormuz will reopen “by this summer at the latest,” with a potential agreement possibly reached “within days.” The U.S. is expanding natural gas exports despite losing 10 billion cubic feet of daily transport capacity due to the strait’s closure; the country is adding 2.5 billion cubic feet of daily export capacity. Wright added that if Iran “continues to take the global economy hostage,” the U.S. military could “forcibly reopen” the waterway, though achieving this “is not an easy thing to do,” and the preferred approach remains reaching an agreement.