Oil industry steady despite Strait of Hormuz concerns amid tensions in the Middle East
KUALA LUMPUR, June 16 — The Israel-Iran conflict will not necessarily hurt the oil industry or price mechanisms of the commodity, said Prime Minister Datuk Seri Anwar Ibrahim.
He made the statement after holding discussions with the Secretary-General of the Organisation of the Petroleum Exporting Countries (Opec), Haitham Al Ghais, and major oil industry players on the sidelines of the Energy Asia 2025 conference today.
“Of course, they are monitoring the situation closely, but it does not necessarily hurt the industry or price mechanisms (of the commodity). We hope the conflict can be resolved much earlier,” he said.
When asked about the impact of the conflict on the energy industry, Anwar stated that there are concerns about the potential closure of the Strait of Hormuz, a vital route for the export of oil and liquefied natural gas, as well as a key trade route for the Middle East region.
