Wright Says Amount of Oil Through the Strait of Hormuz Will ‘Continue to Rise’
Wright said more vessels are transiting despite the conflict, and analysts estimate clandestine flows may total 2.1 million barrels a day.
- On Tuesday, Energy Secretary Chris Wright predicted that oil moving through the Strait of Hormuz will "continue to rise" as the U.S. and Iran work to end the 100-plus day conflict.
- Vessel movements on the Strait have been largely blocked since U.S. and Israeli strikes on Iran in late February, interrupting around 20 per cent of global oil and liquefied natural gas supplies.
- Global Brent oil prices fell more than 3 per cent on June 9 to US$91.34 a barrel after Iran and Israel halted strikes following an appeal from President Donald Trump.
- An analysis from MarineTraffic confirmed that as of Monday, traffic remained at "historic lows," though some vessels transit the waterway with transponders turned off and under cover of darkness.
- During an Atlantic Council event, Wright indicated U.S. companies are looking to invest in Venezuelan oil, while the national average gasoline price stood at about $4.16 per gallon on Tuesday.
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Chris Wright added that it will take many months for energy and critical raw material flows to return to normal levels
Wright says amount of oil through the Strait of Hormuz will ‘continue to rise’
Energy Secretary Chris Wright predicted Tuesday that the amount oil moving through the Strait of Hormuz will “continue to rise” as the U.S. and Iran work to end the 100-plus day conflict. During an Atlantic Council event, Wright said that traffic through the strait, a key oil shipping chokepoint, was “rising very meaningfully.” He added that oil…
U.S. Energy Secretary Says Ship Traffic Through Hormuz Increasing 'Meaningfully'
U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic in the Gulf and oil exports through the Strait of Hormuz are rising even as Washington and Tehran struggle to reach a deal on ending their more than three-month-old war.
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