Months needed to rebalance global oil market after Hormuz blockade, senior Russian official says

Speaking in an interview with the Russian VGTRK broadcasting company, Novak said the crisis in the Middle East has led to a large global undersupply of energy resources that will not be easy to overcome in a short period of time.

"The crisis is very deep — a very large number of barrels of oil did not reach the market during this period, and a large number of ships have accumulated in the Strait of Hormuz. Therefore, of course, it will take some time to rebalance and recover to the previous level. In our view, that will be several months," Novak said.

Since the US-Israel war on Feb. 28, Tehran has maintained control of the Strait of Hormuz, hitting global energy supplies, mostly across Asia. The war is currently on hold and efforts for a permanent end to the conflict are ongoing.