Russia says oil market recovery may take months after Hormuz crisis

MOSCOW — Russian Deputy Prime Minister Alexander Novak said Sunday that global oil markets may need several months to recover to previous levels even if the Strait of Hormuz is reopened.Speaking in an interview with VGTRK, Novak said the Middle East crisis had created a major global undersupply of energy resources that would not be quickly reversed.“The crisis is very deep,” Novak said, adding that a large volume of oil failed to reach markets during the disruption and many vessels had accumulated in the Strait of Hormuz.He said the shipping backlog and supply imbalance would require time for markets to stabilize and return to earlier levels.“In our view, that will be several months,” he said.Since the outbreak of war involving the United States, Israel, and Iran on Feb. 28, Tehran has maintained tight control over the Strait of Hormuz, disrupting global energy flows, particularly to Asian markets.Although active fighting has largely paused, diplomatic efforts are continuing to secure a permanent end to the conflict.