US energy secretary says 20M barrels of oil exited Hormuz in last 24 hours

Some 20 million barrels of crude oil have exited the Strait of Hormuz in the last 24 hours, US Energy Secretary Chris Wright said Wednesday.

Washington would ensure the flow of oil through the key waterway even in the absence of a deal with Iran, Wright said during the Reuters Global Energy Forum in New York.

Tanker movements through Hormuz have shown signs of recovery following the interim US-Iran peace agreement, easing concerns about potential supply disruptions from the Persian Gulf.

The Strait of Hormuz is one of the world’s most critical oil chokepoints, with crude and liquefied natural gas exports from Gulf producers passing through the narrow waterway.

Recent maritime data showed commercial and energy-linked vessel traffic through the strait remained active, while more tankers entered the Persian Gulf to pick up cargoes as exporters sought to restore flows.

Oil prices have fallen this week as improved traffic through Hormuz reduced the geopolitical risk premium that had supported crude during the conflict.