Oil Transit Through Hormuz Strait Exceeds 9 Million Barrels on 7-Day Average

The amount of oil passing through the Hormuz Strait has exceeded an average of 9 million barrels per day over the past seven days, according to the U.S. Secretary of Energy. Secretary Chris Wright stated in an interview with ABC's "This Week" that the current seven-day average surpasses 9 million barrels per day, marking the highest level to date. He added that when including the bypass pipeline volumes from Saudi Arabia and the United Arab Emirates (UAE), the total reaches between 13 million and 14 million barrels per day. The Hormuz Strait is a major route for Middle Eastern oil to reach international markets, and disruptions in transit could affect shipping rates, insurance costs, and procurement expenses for refineries. The recovery of oil transportation may also influence oil prices, inflation expectations, and dollar flows, potentially impacting the domestic cryptocurrency market. Secretary Wright described the situation between the U.S. and Iran as a "conflict," stating that the U.S. Navy plays a role in preventing Iranian oil exports. He also mentioned the possibility of negotiations, emphasizing that military solutions should be limited to necessary circumstances. Additionally, regarding the price trends of gasoline and diesel, he noted that a decline in prices could occur if summer driving demand subsides and supply increases. The transit volumes through Hormuz and the bypass pipeline should be accounted for separately, and as long as transportation relies on naval escorts, military conflicts and sanctions could impact oil prices and energy costs.

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