Shipping: Strait of Hormuz
The question
To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential impact of the closure of the Strait of Hormuz on (a) oil prices and (b) the economy.
Answered by Michael Shanks
Oil and gas markets are well supplied and functioning normally. Though they have responded to events in the Middle East, prices remain within the bounds we have seen over the last year. We have not witnessed any material reduction of traffic passing through the Strait of Hormuz. DESNZ will continue monitoring closely for any future impacts.
The Government's Clean Energy Superpower Mission, supported by the largest investment in home-grown clean energy in British history, will enhance energy security by boosting our energy independence, protecting billpayers, and reducing exposure to global supply shocks.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →