U.S. Energy Secretary Reports Record Oil Transits Through Strait of Hormuz Amid Iran War
On Monday, more than 17 million barrels of oil transited through the Strait of Hormuz by ship, a record since the war with Iran began in late February, according to U.S. Energy Secretary Chris Wright during an interview on CNBC. This figure includes exports from Saudi Arabia and the United Arab Emirates that use pipelines bypassing the strait. Prior to the conflict starting on Feb. 28, around 20 million barrels per day of crude oil and refined products passed through Hormuz. The U.S. military has established a shipping corridor along Oman's coast for tankers from Gulf allies transiting the strait, often at night with their transponders turned off to avoid attacks. Despite these efforts, U.S. crude prices fell about 1% on Wednesday amid ongoing tensions between Washington and Tehran.
