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ENERGY and Energy Industries Minister Dr Roodal Moonilal said Trinidad and Tobago stands to benefit from the conflict between the US and Iran, which resulted in at least two supertankers capable of carrying two million barrels of crude oil making a u-turn in the Strait of Hormuz after US airstrikes on Iran on June 22.

Around 20 per cent of global oil and gas supply is transported via the route.

“The impact of that, a decision taken by the Iranian parliament hours ago, is that we expect an increase in the price of oil. A rapid increase, they call it even an explosion in the price of oil,” he said during the fourth sitting of the House of Representatives on June 23.