Oil Flows Through Hormuz Strait Close to Normal

• Crude oil flows through the Strait of Hormuz are similar to what they were before the start of ​the Iran war, as tankers exit the key waterway with the help of ‌military escorts, U.S. Energy Secretary Chris Wright said.
• Wright noted that some 20 million barrels of crude oil exited the strait in the last 24 hours, amounting to around a fifth of world consumption, ​and similar to levels in recent days following an initial U.S.-Iran agreement to ​end the conflict. He added that even if the initial deal reached ​this month to end the conflict did not hold, oil would continue to flow
• Benchmark oil prices fell more than $3 on Wednesday to their lowest level since before the start ‌of the ⁠Iran war in February as supply concerns eased with more stranded oil tankers exiting the strait. Shipments through the narrow waterway bordering Iran had been curtailed for months by the conflict.
• Of note, many of the vessels exiting the strait were avoiding the main channel due to ​fear of mines and instead passing close ⁠to the Iranian coast or along the southern route near Oman, with military escorts. The number of ships is lower than usual, ​but many are bigger, he said.
• Venezuela's oil exports, which the United States has administered since ⁠U.S. forces ​captured former leader Nicolas Maduro in January, are rising ​and could double from current levels to around 2 million barrels per day by the end of President Donald ​Trump's administration in 2029.

(Source: Reuters)