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More than 17 million barrels moved through the strait on Monday, Energy Secretary Chris Wright said
Vessels passing through the Strait of Hormuz following a ceasefire deal reached between the U.S. and Iran. (Shady Alassar/Anadolu via Getty Images)
U.S. Energy Secretary Chris Wright told CNBC on Wednesday that Monday's shipborne oil flow through the Strait of Hormuz topped 17 million barrels — a peak not seen since hostilities with Iran broke out in late February.
Accounting for the capacity of Saudi Arabian and Emirati overland pipelines that skirt the strait entirely, Wright said total regional exports on Monday cleared pre-war benchmarks. In the weeks before the Feb. 28 outbreak of fighting, the strait had been handling roughly 20 million barrels of crude and petroleum products each day. Wright told CNBC that Iran is losing its ability to "hold the world economic hostage" as the U.S. military assists tankers through the waterway. "With or without Iran, oil and gas will flow out of the Arabian Gulf region and it's happening," he said.
