During an energy conference, Energy Secretary Chris Wright stated that oil exports from the Strait of Hormuz are on the rise, a notable development given the strait's importance in global oil transportation. He noted that while current traffic remains low—averaging just five ship arrivals per week compared to over 100 before the conflict—the trend is expected to improve.
Wright emphasized that Iran poses a threat to global energy supplies and stability, but he expressed confidence in the U.S. position against Iran, suggesting that the situation is improving despite recent tensions. Following his remarks, U.S. and Brent crude oil prices dropped more than 3%, reflecting market reactions to the geopolitical climate and supply concerns