US Energy Secretary Reports Half of Hormuz Oil Flow Restored

Approximately half of the oil shipments previously stranded in the Strait of Hormuz have been restored, U.S. Energy Secretary Chris Wright announced on Friday, June 12. Speaking at an energy conference in Houston, Wright stated that roughly 7 million barrels per day are now flowing through the critical waterway, compared to an estimated 14 million barrels trapped there following the outbreak of hostilities between the U.S., its allies, and Iran in late February.

The conflict, which began with U.S. and Israeli strikes, had effectively shut down the strait, a chokepoint for about 20% of global seaborne oil and liquefied natural gas trade. Wright noted that several million barrels per day were diverted to alternative ports at the war's onset, but a significant volume remained blocked. He emphasized the U.S. commitment to fully reopening the passage, stating the nation would do so "with or without Iran's assistance" and that military action remains an option if diplomatic efforts fail.

The restoration of 7 million barrels per day was described by one industry analyst at the conference as a larger figure than many had anticipated, helping to explain why global oil prices have...