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20M barrels of oil just exited the Strait of Hormuz, says US official
🇨🇦 Canada /Economy & Trade

20M barrels of oil just exited the Strait of Hormuz, says US official

From Global News · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Outcome reported
  • Approximately 20 million barrels of crude oil have passed through the Strait of Hormuz in the past 24 hours, according to U.S. Energy Secretary Chris Wright.
  • This transit follows an initial U.S.-Iran agreement to end their war, easing supply concerns.
  • Benchmark oil prices dropped over $3, reaching their lowest point since the conflict began, as shipments through the key waterway resumed.

The Strait of Hormuz, a critical chokepoint for Middle Eastern oil supply, has seen a significant surge in traffic, with roughly 20 million barrels of crude oil exiting in the last 24 hours. U.S. Energy Secretary Chris Wright announced the figures at the Reuters Global Energy Forum in New York, following an initial agreement between the U.S. and Iran to end their conflict. Wright emphasized that Iran will no longer possess the ability to close the strait, a key leverage point that is now being removed. The resumption of shipments through the narrow waterway, which had been curtailed for months due to the conflict and disrupted about one-fifth of global crude oil flow, has eased supply concerns. Consequently, benchmark oil prices fell more than $3 on Wednesday, hitting their lowest level since before the war began in February.

I could say roughly 72 ships in the last 24 hours, and 20 million barrels of oil.

— Chris WrightU.S. Energy Secretary Chris Wright speaking at the Reuters Global Energy Forum in New York.
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Originally published by Global News. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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