Commodities
US Military Protection Boosts Oil Shipments Through Strait of Hormuz
Oil shipments through the Strait of Hormuz have increased under US military protection, reaching their highest level in months.
The average daily oil flow is around 11 million barrels, up from 9 million barrels per day cited by Energy Secretary Chris Wright in a recent interview.
This is still below prewar levels of about 15 million barrels per day, according to shipping analytics firm Kpler. The increased oil flow comes as turmoil escalates across the Middle East and crude oil prices climbed above $100 per barrel.
The US military has helped move over 800 million barrels of crude oil and assisted roughly 1,600 vessels through the strait since early May, according to U.S. Central Command.