Business
from24/7 Wall St.
2 days agoOil Surges 7% on Hormuz Blockade, U.S. Gulf Tanker Rush -- 3 Stocks to Buy Now
Oil prices surged 7% due to a blockade of the Strait of Hormuz, impacting global supply and boosting U.S. crude exports.
But one key voice was missing from the celebration: Texas GulfLink's developer. Dallas-based Sentinel Midstream declined to comment on the administration's announcement, and didn't issue any press release for its politically ballyhooed project approval. Sentinel's silence was a symptom of a bigger disconnect in the gulf.What once was a race to build a series of deepwater terminals prior to the pandemic-including the involvement of household names such as Phillips 66 and Chevron-has now turned into silence over stalled projects that may never come to fruition.