US energy chief says no 'magic' behind Hormuz crossing claims

US Energy Secretary Chris Wright dismissed the notion of any 'magic' behind the administration's claims regarding oil passing through the Strait of Hormuz. Speaking on Fox News Sunday, he stated that the average daily flow of oil through the waterway was nine million barrels, with an additional five million via pipelines. Wright also mentioned that just under 18 million barrels traversed the strait early last week.

These figures contradict shipping traffic data, with Kpler reporting only four vessels transited the strait on Thursday and the IMF's PortWatch monitor noting a seven-day average of four crossings in the week ending August 30. Wright's assertions, he claimed, were based on facts, not opinions, expressing frustration with commercial organizations for lacking the necessary data.

The decrease in traffic through the Hormuz Strait since the US and Israel's strikes on Iran on February 28 has been significant, with Iran retaliating by targeting energy sites across the Gulf and the strait. The US has responded by imposing a naval blockade aimed at halting Iranian crude exports and ensuring traffic flow. Wright emphasized that the Navy is ensuring the flow of traffic through the strait.

Iran's response has been to warn of further retaliation if the US continues its attacks, acknowledging the severe economic pressure the country is under, including a 60% drop in the rial's value and inflation above 80%. The US is expected to target another Iran-linked bank this week as part of its efforts to cut off the regime's financial resources.