Fossil Fuels & Generation
Molly Glick
Molly Glick
Energy Central Team
·Posted in Fossil Fuels & Generation
Tue, Jun 16

Is the Iran war actually over?

  • The US and Iran appear to have reached an agreement to reopen the Strait of Hormuz—and end a conflict that left about a quarter of the world’s crude oil in limbo (and the US Strategic Oil Reserve at its lowest level since the 1980s). 

  • The nations are set to sign the deal in Switzerland on Friday…but most US officials have no idea what the details look like. Still, this news sent oil prices tumbling more than $4 a barrel. "Ships of the World, start your engines. Let the oil flow!” President Trump wrote on Truth Social.

  • Hold your horses: It won’t be that simple. It could take two to three months for shipping to return to normal. And the tentative deal doesn’t clear up the tension over Iran’s nuclear program (the US and Iran will have 60 days to figure that out).

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