economy
Wright says US can control oil through Strait of Hormuz even if Iran deal fails
Energy Secretary Chris Wright said Wednesday that the United States is in a position to maintain normal flows of oil through the Strait of Hormuz even if the U.S. is unable to strike a broader peace deal with Iran.
TL;DR
- The U.S. can maintain normal oil flows through the Strait of Hormuz, irrespective of a peace deal with Iran.
- Energy Secretary Chris Wright stated the U.S. Navy can prevent Iran from closing the strait, removing Iran's key leverage.
- Oil transit through the strait is approaching pre-war levels, with around 20 million barrels passing daily.
- Despite increased oil flow, the number of ships transiting is lower than pre-war levels due to larger vessels and the need for de-mining.
- Vice President JD Vance admitted President Trump's threats about controlling the strait were not helpful to negotiations but indicated talks are continuing.