The U.S. Department of Energy predicts that oil prices will hit their highest levels in the very near future. According to Energy Secretary Chris Wright, energy costs will remain on an upward trajectory until commercial shipping through the Strait of Hormuz is fully restored. Currently, the situation is exacerbated by mutual military blockades across the region.
This was reported by Reuters, according to Dengi.ua .
Military Crisis in the Strait of Hormuz and Strategic Risks for the U.S.
Since hostilities broke out in late February, Iran has effectively closed the Strait of Hormuz to international shipping, seeking to assert permanent control over this vital logistical artery and impose its own transit fees. In response, the U.S. military has initiated a counter-blockade. Following the collapse of peace talks last weekend, Washington announced it would extend its zone of control eastward into the Gulf of Oman and the Arabian Sea.
U.S. President Donald Trump admitted that high oil and gasoline prices could persist at least until the November midterm elections. Analysts suggest this is a rare acknowledgement of the political fallout resulting from the decision to launch operations against Iran six weeks ago.
Venezuela’s Oil Output Surges Amid Strategic Shift
Against the backdrop of the Middle East crisis, the United States has aggressively sought to increase energy supplies from other regions, most notably South America. Secretary Chris Wright reported significant growth in Venezuela's oil sector following the arrest of Nicolás Maduro in early January.
The newly formed transitional government has implemented a major overhaul of oil legislation, which has successfully facilitated a fresh influx of foreign investment. Since January, Venezuela has already sold 150 million barrels of oil, with total national production surging by 25%.
Furthermore, American energy giant Chevron has finalized two new agreements with the transitional government. This comprehensive asset swap involves the company returning offshore gas and oil fields in exchange for a significantly expanded presence in heavy oil projects.