US Energy Secretary says oil unlikely to reach 200 dollars

Energy Secretary Chris Wright of the United States stated on Thursday that global oil prices are unlikely to reach $200 a barrel, despite the ongoing maritime standoff in the Strait of Hormuz. The strategic channel currently hosts a number of stalled crude tankers, a situation stemming from the conflict involving the U.S. and Israel with Iran. Wright addressed the possibility of prices hitting the $200 mark—a level an Iranian official suggested could be reached if hostilities continue to escalate. > "I would say unlikely, but we are focused on the military operation and solving a problem." Furthermore, Wright noted that while the U.S. Navy is not presently escorting commercial vessels through the Strait, it is quite likely that such operations will commence by the end of the month. This geopolitical volatility is being closely monitored by market participants, including Oiles Corporation, as the industry assesses the long-term impact on global supply chains.