United States Energy Secretary Chris Wright said on Thursday (12) that Russia should not receive sanctions relief from Washington, amid discussions about the security of global energy supplies in the face of war with Iran. The statement, however, contrasts with recent comments by President Donald Trump, who briefly mentioned the possibility of easing oil-related restrictions, without providing details.
Wright said that despite tensions in the Middle East, the global oil market remains well supplied and that impacts on supply are likely to be temporary. According to him, the world is currently facing “a significant short-term oil interruption”, but the energy shock is expected to be temporary.
The secretary also minimized the risk of a significant spike in commodity prices, stating that he considers it unlikely that a barrel of oil will reach US$200, a scenario cited by Iranian authorities as a possible consequence of the conflict.
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Furthermore, Wright stated that the United States and its partners will work to reestablish maritime traffic in the Strait of Hormuz, a strategic route for global oil trade, and highlighted that, for now, there are no discussions about a possible ban on American exports of refined products.
According to him, Washington also hopes to reduce dependence on uranium enriched by Russia, amid efforts to reorganize energy and nuclear supply chains in the face of geopolitical tensions.
