Hormuz Oil Shipments Surge Amid Escalating Middle East Conflict

US Energy Secretary Chris Wright announced that oil shipments through the Strait of Hormuz are increasing. This trend is evident in the seven-day moving average, which has been rising and will continue to do so, Wright said.

The peak volume of oil shipments was initially reported at 17 million barrels per day, but it was later revealed that a ship was not accounted for, bringing the total to nearly 18 million barrels. This figure is significant because it indicates the growing importance of the Strait of Hormuz in global oil trade.

Oil prices have been rising due to the escalating conflict in the Middle East, including the offensive by Yemen's Houthis. The strait connects Asia and Europe via the Red Sea and has become crucial for oil trade since the start of the war.

The US Energy Secretary's comments come as Brent North Sea crude for November delivery rose 3.58% to $104.83 a barrel, while U.S. West Texas Intermediate (WTI) crude for October delivery increased by 3.66% to $99.57 a barrel.