ReportedShipping, energy & marketsWashington, United States
US proposes $5 billion fund to rebuild Gulf energy sites, WSJ reports
- Mountain Time
- Local time
- 3:15 PM in New York
- Where
- Washington, United States
The Trump administration has proposed investing $5 billion in a new fund to help Middle East countries rebuild energy infrastructure damaged in the Iran war and reduce their reliance on the Strait of Hormuz to ship oil and gas, the Wall Street Journal reported, citing US and Middle Eastern officials and documents.
Why it matters
The proposal is aimed at cutting Gulf producers' dependence on Hormuz, a hedge in case the strait does not fully reopen.
Sources (2)
- Khaleej Times live updates (Reuters)khaleejtimes.comPublished
- CNN live updatescnn.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels