By Shikin Louis
KUCHING, June 19: Fuel prices could ease and broader cost pressures may stabilise if peace efforts in the Middle East involving Iran and the United States hold, says Minister for Tourism, Creative Industry and Performing Arts Sarawak, Dato Sri Abdul Karim Rahman Hamzah.
He said disruptions affecting the Strait of Hormuz, one of the world’s most important oil shipping routes, often trigger a chain reaction that extends far beyond fuel prices.
“The price of fuel, this has led to a domino effect. When there is a blockage at the Strait of Hormuz, the price of fuel and the price of oil shoot up, and from there, it will lead to other things shooting up.
“However, just with one information that there is already peace, the whole thing goes down, and we hope that it stays that way,” he told reporters after attending the commemoration of the 200th anniversary of Hungarian naturalist and explorer Janos Xantus at the Sarawak State Library here today.
The minister’s remarks came amid reports of a breakthrough agreement between Iran and the United States aimed at ending months of conflict and reopening the strategically important Strait of Hormuz, a key global shipping route for oil and gas.
Under the interim agreement, both sides have agreed to halt military operations and allow the resumption of commercial shipping through the strait while negotiations on a broader settlement continue. The development has helped calm energy markets, with oil prices falling on expectations of improved supply flows.
While welcoming reports of progress towards peace, Abdul Karim cautioned that the situation remains complex and involves factors beyond relations between Iran and the United States alone. — DayakDaily
