From Global News.

As the United States and Israel continue their war in Iran, the current outlook for global energy markets is bleak, the European Union (EU) energy commissioner says.

“Even a best-case scenario is a pretty bad scenario for the next months to come,” Dan Jorgensen said at a Wednesday press conference in Brussels.

With uncertainty surrounding negotiations and restrictions in the Strait of Hormuz — the world’s most critical oil transport route — Jorgensen said we could see negative impacts in the market “for years,” comparing the situation to similar crises which took place in 1973 and 2022.

“If we imagine that there is peace tomorrow, it will still take — for instance, Qatar — probably two years, maybe even more, to rebuild their gas production and transportation infrastructure," Jorgensen said, noting the Energy Commission still won’t consider importing even “one molecule” of Russian energy going forward.

For more info, please go to https://globalnews.ca/news/11811912/iran-trump-ceasefire-extension/

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