U.S. energy forecaster models Strait of Hormuz closed until late May, lifts U.S. fuel price outlook
On May 12 the U.S. Department of Energy’s statistical arm said it is assuming the Strait of Hormuz will be effectively closed through late May, with maritime traffic resuming gradually afterward. The Energy Information Administration raised its forecast for U.S. retail gasoline prices to $3.88 a gallon for the year and warned that global oil invent…