Over 17M barrels of oil passed through Hormuz on Monday: US energy chief
More than 17 million barrels of oil passed through the Strait of Hormuz on Monday, US Energy Secretary Chris Wright told CNBC.
When flows through Saudi Arabiaโs and the United Arab Emiratesโ pipelines that bypass Hormuz were included, more oil left the region than under normal conditions before the war, Wright said.
The volume was the highest daily flow through the strategic waterway since the conflict with Iran began disrupting energy shipments.
Before the start of the war, nearly 20 million barrels per day of crude oil and petroleum products moved through Hormuz, representing about a quarter of global seaborne oil trade, according to the International Energy Agency.
Traffic has been disrupted by attacks on commercial vessels, mine threats and rising insurance costs.
Tensions escalated again this week after two tankers carrying Saudi crude were struck while exiting the strait. The US subsequently launched strikes on Iranian targets around Hormuz, including mine-laying capabilities and maritime assets.
Iran retaliated by targeting US bases in the region, raising concerns about further disruption to Gulf energy exports.
Oil prices jumped more than 5% Tuesday, with international benchmark Brent crude trading near $94 per barrel and US benchmark West Texas Intermediate around $89.
