Hormuz Oil Shipments Hit Six-Month High Amid Mine Clearance Efforts
The US military claims that oil and LNG shipments through the Strait of Hormuz have reached their highest level in six months. According to Admiral Brad Cooper, head of US Central Command, this is a result of successful mine clearance efforts by the US Navy.
Cooper stated that the strait's primary transit lanes are now clear of mines and that Persian Gulf allies have shipped more than one billion barrels of crude through the waterway over the last couple of months. However, Iran maintains that it has closed the strait, contradicting Washington's account.
The increased shipping volumes come as a relief to oil markets, which have been under pressure since the summer due to drone attacks linked to the Iran war that halted a Saudi pipeline built to bypass the strait. Energy Secretary Chris Wright said on September 13 that markets will need to keep relying on transit of around 10 million barrels a day of crude and oil products.