Oman's Energy Minister: "The situation in Hormuz will change in the short term"

Oman's Energy Minister said that the Strait of Hormuz will reopen in the short term, against the backdrop of the escalation between the US and Iran. The minister noted that the current situation is unsustainable and that there is a need to diversify export points.

Oman's Energy Minister said today (Monday) that the Strait of Hormuz will reopen in the short term, noting that the current situation is likely temporary. The minister added that despite the recent escalation between Iran and the US, the situation should stabilize in the medium term. In his remarks, the minister expressed satisfaction that Oman continues to produce oil and gas, and warned that the sharp rise in oil and liquefied natural gas prices is unsustainable for anyone. He further added that there is an urgent need to diversify export points and identify alternative options, according to a Reuters report. These statements come amid reports of Iranian Revolutionary Guards striking an unmanned US Navy vessel in the Strait of Hormuz, in order to thwart its operational mission.