Hormuz Sees Record-Breaking Oil Transit Amid Escalating Tensions
US Energy Secretary Chris Wright spoke to CNBC about oil transit through the Strait of Hormuz, citing record-breaking numbers. On Monday, more than 17 million barrels of oil transited the strait by ship, a new high since Iran's war began in late February. This number surpasses pre-war levels when including Saudi Arabia's and the UAE's pipelines that bypass Hormuz.
Oil exports from the region were higher on Monday than before the war started, with around 20 million barrels per day of crude and products passing through the strait before Iran's conflict escalated. Wright said this indicates that Iran is losing its ability to hold the world economic hostage as US military support helps oil tankers navigate Hormuz.
The Energy Secretary emphasized that the US government has the best data on oil exports, often contradicting reports from private ship-tracking firms. He noted that US crude oil was down about 1% on Wednesday, but futures contracts hovered around $90 per barrel earlier in the session as Washington and Tehran traded military strikes.