PUTRAJAYA — Infrastructure damage and other disruptions will not see an instant recovery of global oil supplies despite a peace deal between the United States and Iran, Economy Minister Akmal Nasrullah Mohd Nasir said.
He said the recovery process for the flow of oil shipments through the Strait of Hormuz would take time, owing to issues such as mines and other repairs needed.
“If it is true that a peace deal can be reached, its impact may take time because of the process of clearing routes in the Strait of Hormuz and repairing infrastructure damaged during the war. So, it will take time to fully recover,” he told reporters after the Ministry of Economy’s monthly gathering today, Bernama reports.
Consequently, he said the Economy Ministry would continue to monitor developments and maintain mitigation measures to ease economic pressures, including through the National Economic Action Council (MTEN).
“At the Ministry of Economy level, we remain committed to exploring the roles we can play to ease the ongoing pressures until the situation provides a clearer picture that this crisis has truly ended,’ he said.
Akmal said the ministry will also deliver a ministerial statement on the global energy and supply chain crises when Parliament reconvenes on June 22.
The statement would include a debate session to allow MPs to discuss the government’s actions and plans in addressing the impact of the crisis on the national economy.
The United States and Iran reached a peace agreement on Sunday, to take effect Friday, for an end the conflict that has dragged on for more than three months and sent prices of Brent crude above US$120 per barrel.
Bloomberg reports that vessel owners and logistic firms are still wary of uncleared mines in the straits and reliability of security, besides maintenance issues for ships that have been anchored for the past few months.
According to Kpler, nearly 600 vessels were still stuck in the Persian Gulf waiting to exit through the strait after the announcement of the peace deal. The exact count of ships in the gulf could be more once those that turned off their transponders get online. – June 15, 2026