Axios political reporter and Middle East correspondent Barak Ravid reported early Saturday that 40 tankers transited the Strait of Hormuz on Friday night, citing three unnamed US officials."Around 16 million barrels of oil moved out of the strait through the southern channel on Friday night," Ravid wrote on X.🚨🚢🛢️Around 40 tankers transited in and out of the Strait of Hormuz through the southern deep channel on Friday night. Around 16 million barrels of oil moved out of the strait through the southern channel on Friday night, three U.S. officials told me
— Barak Ravid (@BarakRavid) August 22, 2026The latest Bloomberg vessel-tracking data show that 13 ships transited the critical waterway on Saturday, with seven traveling east to west and six moving west to east. Traffic remains well below the levels recorded during the brief memorandum-of-understanding period from June 15 through mid-July.On Friday, President Trump called the Hormuz chokepoint "an American territory"..."We don't even know if we won, because I view the Strait of Hormuz as an American territory right now," Trump said, addressing a crowd in South Carolina.Trump joked about bombing Iran during the speech, saying, "It's a Friday night. We have plenty of time... and what the hell do I have to do? Go back and bomb Iran a little bit more?"Axios reported Wednesday that the US military had established a shipping corridor in the critical waterway, which carries millions of barrels of oil each day. There was no word from Ravid on whether the 40 tankers sailed through the new shipping corridor.Even with these transits, the emerging energy crisis is not centered on crude availability, as SPRs around the world are being tapped to offset lost production in the Gulf region. Instead, the real crisis is materializing in the refined-products market.The focus emerged at the start of the week when Bloomberg's front-month US diesel crack spread (HOCL1 Index) topped $100 a barrel, as we warned: "Industrial economy either grinds to a halt or consumers about to be hit with the biggest energy pass-through in history."Diesel crack hits record $102. This is absolutely unprecedented.
