Strait of Hormuz unlikely to return to pre-war conditions soon: S&P Global analyst

The Strait of Hormuz is unlikely to return to pre-war conditions in the near term, as disruptions to oil flows continue to reshape global shipping routes, says Rahul Kapoor, vice president and global head of shipping & metals at S&P Global Energy. Speaking to CNA’s Asia First on Wednesday (Sep 9) on the sidelines of S&P Global Energy’s flagship Asia Pacific Petroleum Conference (APPEC), Kapoor says the key waterway is “not fully open” and “not fully closed”, with S&P Global forecasting oil prices in a range of US$70 to US$100. He also says China’s return to the crude market has led to an increase in inquiries and a slight increase in oil prices, while more US and Brazilian crude is flowing to Asia as buyers seek alternative supplies.

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