Over 17 Million Barrels Transited Through Strait Of Hormuz
The American Lookout Headlines homepage has 60 new headlines every 24 hours - click here to see it.
More than 17 million barrels of oil moved through the Strait of Hormuz on Monday, a sharp indication that Iran is losing control of a critical waterway.
That’s compared with roughly 20 million barrels a day before the conflict began.
U.S. Energy Secretary Chris Wright says the continued flow of oil is limiting Iran’s ability to use the strait to “hold the world economic hostage.”
More than 17 million barrels of oil transited the Strait of Hormuz by ship on Monday, a record since the Iran war began in late February, U.S. Energy Secretary Chris Wright told CNBC in an interview Wednesday.
Oil exports from the region on Monday were higher than prewar levels when Saudi Arabia’s and the United Arab Emirate’s pipelines that bypass Hormuz are included, Wright said. Around 20 million barrels per day of crude and products passed through the strait before the war started on Feb. 28.
Iran is losing its ability to “hold the world economic hostage” as the U.S. military helps oil tankers sail through Hormuz, Wright said. Tehran is “causing some disruption but they are losing that card,” he said.
Syria is beginning to pitch itself as an alternative to the Strait of Hormuz.
Day and night, 5,000 hulking trucks carrying oil from the Persian Gulf rumble across this stretch of barren desert as if in a caravan snaking its way toward the Mediterranean Sea.
The trucks began shuttling between the refineries of southern Iraq and the Syrian port of Baniyas in April, initially as an experiment by Iraqi oil exporters seeking to circumvent the Strait of Hormuz after cargo traffic in the waterway was stopped by the U.S.-Israeli war with Iran.
…
Boasting access to Europe through its Mediterranean port at Baniyas, Syria – under its new president, Ahmed al-Sharaa – is pitching itself as a relatively stable, overland corridor for energy and goods, and an alternative to the Strait of Hormuz.
Already, international governments and energy suppliers are buying in.
Trump responded to the news, saying, “This is GREAT!”
This is GREAT! President DONALD J. TRUMP
Trump was right!
