US-Iran deal may not bring quick relief for auto shops - Reuters
US-Iran deal may not bring quick relief for auto shops Reuters
Coverage by Political Leaning
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Notable Quotes
"I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!"
— Donald Trump , Politician
"lavished praise on Iran’s new leadership team."
— Donald Trump , Politician
"Iran cannot 'out-wait' him in the hope that he would back down."
— Donald Trump , Politician
"We're not talking about any easing of sanctions or giving money."
— Donald Trump , Politician
"They want very much to make a deal."
— Donald Trump , Politician
"Oman will behave just like everybody else, or we’ll have to blow ’em up."
— Donald Trump , Politician
"Anyone who tells you they know the answer to that question is lying."
— Rockford Weitz , Academic
"What we’re seeing is the biggest disruption in the history of global oil markets."
— Rockford Weitz , Academic
"It’s going to be a contested reopening."
— Usha Haley , Academic
"Growth will be slower – even if the new peace is durable."
— Kristalina Georgieva , Executive
"They better not be and, if they are, they better stop now."
— Donald Trump , Politician
"report unprecedented shortages since March"
— Hiroyuki Nakamura , Other
"It’s going to take time for people to feel comfortable and for insurance to be in place … particularly to get people on the ground to restart some of these assets."
— Daniel Evans , Executive
"But places like Iraq could be much more challenged because they’ve had a much bigger shut-in, their fields are more difficult … it may well take about a year before they get back."
— Alan Gelder , Executive
"We don’t know what open means or what the speed of evacuation of trapped material is going to be."
— Daniel Sternoff , Academic
Key People
Senior vice president of refining, chemicals and oil markets at Wood Mackenzie.
Ali Khamenei was the Supreme Leader of Iran until his death.
Benjamin Netanyahu is the prime minister of Israel.
Global head of fuels and refining research at S&P Global Energy.
Senior fellow at the Center on Global Energy Policy at Columbia University.
Former president of the United States known for his aggressive economic policies.
A mechanic in Japan experiencing shortages of automotive supplies.
Managing director of the International Monetary Fund.
Iran's Supreme Leader who is involved in ongoing peace negotiations.
Iranian human rights activist and Nobel peace prize laureate.
Professor of practice in maritime studies at The Fletcher School at Tufts University.
W Frank Barton Distinguished Chair in international business at Wichita State University.
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<a href="https://news.google.com/rss/articles/CBMipAFBVV95cUxPV3JCLVZHRkhuSElidHQ3ZmpBd3lnX004YndVWFY5cFlNQXFJX3RtbVRSNHdOVmpUUEc3ckVnMGEzNjRiaS1rUVZQZC13NFQza0Q5MjkzSG4zUWJQNjNwRnQ0NHpxZEFkN1c0MzllUjhKYVl4eEZsbmtMRDJRT3M3V0UyalBURmZCWk9CZkgtemRBTlZydERpZGFKRFlqdHhZX1A1Ng?oc=5" target="_blank">US-Iran deal may not bring quick relief for auto shops</a> <font color="#6f6f6f">Reuters</font>
The US-Iran peace deal focuses on reopening the Strait of Hormuz, providing sanctions relief, and deferring nuclear negotiations, with implementation details to be worked out in Doha before a signing ceremony in Geneva.
Despite the US-Iran peace deal, energy experts predict it will take months for oil and gas supplies to normalize due to the slow pace of shipping and refining crude oil, and concerns about the security of the Strait of Hormuz.
The US and Iran have issued conflicting statements regarding their deal, with President Trump stating that Iran will not receive sanctions relief, while Tehran insists on lifting sanctions as part of the agreement.
A U.S.-Iran agreement could reopen the Strait of Hormuz, but shipping and production will not immediately return to normal. More than 10 million bpd of Middle Eastern oil production has been shut in, and some fields may take months to restart fully.
High oil and gasoline prices and energy supply problems won’t be solved overnight, despite an agreement to end the Iran war and open the Strait of Hormuz announced Sunday. It will likely take months before energy companies can resume operations to the point of meeting the world’s demand.
US-Iran peace deal may lower oil prices, slow inflation and ease cost of living, but impact is uncertain and may take time to show results.
Analysts suggest that even with a ceasefire between the US and Iran, it will take months for energy prices to stabilize due to the need for a predictable and stable flow of cargo through the Strait of Hormuz.
Global oil prices have fallen following the announcement of a US-Iran peace deal, with expectations that the Strait of Hormuz will reopen to commercial shipping, though analysts warn of complex negotiations ahead.
The Middle East conflict has caused shortages of motor oil, paint, and other automotive supplies in areas such as Tokyo and Detroit. Despite a potential U.S.-Iran deal, relief is not imminent due to the closure of the Strait of Hormuz. Smaller auto shops suffer most, grappling with supply constraints and prioritization issues.
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