Fuel prices may rise for months even if Hormuz reopens, US EIA warns

The US Energy Information Administration (EIA) has indicated that fuel prices could continue to rise for several months, even if the Strait of Hormuz reopens. This warning stems from assessments that go beyond the temporary closure of this crucial maritime chokepoint. The EIA points to global energy demand, geopolitical tensions in other regions, and fluctuations in oil production as key drivers that may sustain upward pressure on markets. Furthermore, the agency notes that supply chain uncertainties and logistical costs are contributing factors, potentially impacting consumers and economies worldwide in the coming months.