US Navy Keeps Oil Flowing Through Hormuz Despite Ongoing Tensions

Over 15 million barrels of oil moved through the Strait of Hormuz last week with US military assistance, according to US Energy Secretary Chris Wright. The total shipments leaving the region neared 20 million barrels. Diplomatic efforts to resolve the standoff between Washington and Tehran remain stalled.

Oil markets are on edge due to concerns about sustained flows and potential escalation. Wright credited the US Navy for maintaining the flow of oil through the Strait, saying 'make no mistake, thanks to the U.S. Navy, oil is flowing through the Strait of Hormuz.'

The uncertainty has kept oil markets on edge, with Brent crude ending the week at around $94.39 a barrel and WTI settling at $87.06.