US says Hormuz oil flows 'higher than tracked'

US Energy Secretary Chris Wright has stated that eight to nine million barrels of oil are passing through the Strait of Hormuz each day, contradicting estimates that traffic had sharply declined during the conflict with Iran. Wright clarified that commercial tracking services were unable to provide a complete picture, as most vessels were traveling with transponders switched off and under military escort.

The secretary emphasized that the US was coordinating directly with vessels and receiving daily reports on traffic through both the northern and southern routes. Despite increased maritime traffic through the strait and Bab el-Mandeb on August 11, the higher volumes have not led to normalization. Wright rejected the commercial tracking figures as incomplete, stating that almost all of the ships had their AIS transponders off and were under escort.

He estimated that 8 million to 9 million barrels a day were passing through the strait on average, with an additional six million barrels being diverted through pipelines. This means the Arabian Gulf region is now supplying about five to six million fewer barrels daily compared to pre-conflict levels. Wright acknowledged that US gasoline prices remained high, around $4 per gallon, but aimed to bring them down to about $3, though he provided no timeline.

The immediate pressure was now greater on refining than on crude oil supplies, with Ukrainian attacks on Russian refineries also contributing to lower global refined petroleum product supplies and higher prices.