On Monday, more than 17 million barrels of oil passed through the Strait of Hormuz, marking a record since the onset of the Iran war in late February, according to U.S. Energy Secretary Chris Wright. This figure surpasses prewar levels when including Saudi Arabia's and the UAE's bypass pipelines.
Wright emphasized that Iran is losing its leverage to disrupt global oil flows, as U.S. military efforts have established a secure shipping corridor for tankers, often operating at night to minimize attack risks. Despite some Iranian disruptions, Wright asserted that oil and gas will continue to flow from the Arabian Gulf region.
The U.S. crude oil price saw a slight decline of about 1% on Wednesday, although it had previously hovered around $90 per barrel. The situation remains tense, with reports of attacks on tankers in the strait, underscoring the ongoing volatility in the region