US refiner Phillips 66 CEO Mark Lashier said on Tuesday it would take time for crude supplies to clear through the Strait of Hormuz, as uncertainty remains around a return to normal shipping activity.
Passage through the Strait of Hormuz is continuing on a limited basis, easing immediate supply concerns and pushing crude prices lower. Meanwhile, energy companies are monitoring how quickly crude flows, and inventories and shipping activity return to normal.
Speaking at a JPMorgan conference, Lashier said between 90 million and 100 million barrels of crude remain trapped in the strait, and that would work their way out over time.