Commodities
US Progress in Strait of Hormuz War Still Far from Victory
The US has made some progress in loosening Iran's grip on the Strait of Hormuz, but the costly war is far from over.
In recent weeks, the balance has reversed with a US blockade halting Iran's oil exports while facilitating greater exports by Gulf countries.
A US Energy Secretary Chris Wright boasted that 'we're probably two-thirds or more of pre-conflict flows,' referring to non-Iranian oil exports which rose from 300,000 barrels a day at the height of the war to 8.4 million in September.
The increased flow depends on a major US deployment in the strait that has strained military resources.