Markets, not politicians, will decide oil and gas flows once Hormuz reopens, analyst says

Leaders of the G7 countries said they will reduce their dependency on the Strait of Hormuz. In a statement released, they said they will diversify energy supply routes to reduce global reliance on the strait. The leaders also said they will commit to increase energy stocks. Roughly 20% of the global oil consumption and liquified natural gas passes through the Strait of Hormuz.

Maximilian Hess is a fellow at the Foreign Policy Research Institute. He says the statement released by the G7 leaders is an appeal to Trump.

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