Fuel prices could keep rising for months even after the Strait of Hormuz reopens, the U.S. Energy Information Administration said, APA reports citing Reuters.
It deviates from Trump's assurances that consumers will see immediate relief when he ends the war.
The EIA, the U.S. Department of Energy's statistical arm, was less certain in its short-term energy outlook report. The trajectory of fuel prices depends on a number of variables, including the duration of the Strait of Hormuz's closure and the amount of oil production that has been shut in the Middle East due to it, both of which the agency can only estimate, it said.
"Just as we had never before seen the strait close, we've never seen it reopen. What exactly that looks like remains to be seen," the EIA said.
The EIA said it expects full restoration of flows through the Strait of Hormuz will take months even after the conflict ends, and it expects uncertainty around future supply disruptions to keep oil prices above pre-conflict levels through the rest of this year.
