Energy Secretary says Hormuz to reopen by summer
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- Energy Secretary Chris Wright said the Strait of Hormuz will reopen "sometime this summer at the latest."
- Iran has kept the Strait of Hormuz closed amid its ceasefire with the United States.
- Cameron, Louisiana LNG facility was the site where Energy Secretary Chris Wright made his comment during a CNBC Squawk Box interview.
- PBS reported that tensions near the Strait of Hormuz have flared, with one ship seized and another sunk.
Why it matters: Shipping firms and oil exporters will regain a vital transit route by the end of summer, restoring flow of petroleum products and easing pressure on freight rates.
