Adnoc Gas Expects Strait of Hormuz Closure to Hit Full-Year Profit -- Commodities Roundup

Adnoc Gas anticipates a significant impact on its full-year net profit due to the closure of the Strait of Hormuz, projecting a drop in second-quarter net income between $400 million and $600 million. President Trump supports suspending the federal gas tax in response to rising fuel prices driven by the Iran conflict. He believes gas prices will decrease once the conflict ends.