Russian Deputy Prime Minister Alexander Novak warned on April 26 that the European oil market would require several months to recover if the Strait of Hormuz reopened. Novak described the crisis as deep, noting significant volumes of oil had not entered the global market and a large number of vessels had accumulated in the strait.
The deputy prime minister also stated that the consequences of the blockade could be felt before the end of the year. Recent developments include: On April 25, Patrick Pouyanne, head of TotalEnergies, proposed solutions to ensure stability in the Strait of Hormuz. Additionally, U.S. President Donald Trump announced on April 23 that no vessel would enter or leave the strait without approval from the U.S. Navy until an agreement with Iran was reached, asserting the United States maintains “full control” over the strait.
