Hormuz Oil Flows Surpass Pre-War Levels as Prices Surge

The Strait of Hormuz saw a significant increase in oil flows on Monday, with over 17 million barrels passing through the strategic waterway. US Energy Secretary Chris Wright told CNBC that this volume was the highest daily flow since the conflict with Iran began disrupting energy shipments.

When considering pipelines that bypass the strait, more oil left the region than before the war, according to Wright. This is a positive development in light of previous disruptions caused by attacks on commercial vessels and rising insurance costs.

The Strait of Hormuz is a critical chokepoint for global energy trade, with nearly 20 million barrels per day of crude oil and petroleum products passing through it before the war. The recent increase in flows has contributed to a surge in oil prices, with international benchmark Brent crude trading near $94 per barrel and US benchmark West Texas Intermediate around $89.