U.S. Army Says It Has Helped 1.5 Billion Barrels of Oil Out of Hormuz

U.S. forces have assisted Persian Gulf oil producers in moving over 1.5 billion barrels through the Strait of Hormuz since the onset of the Iran conflict, according to Adm. Brad Cooper, commander of U.S. Central Command CENTCOM. During a recent visit to the Strait of Hormuz, CENTCOM forces have supported the transit of more than 3,000 commercial vessels through the waterway.

The U.S. military emphasizes its commitment to maintaining freedom of navigation in the region, stating that they stand alongside their Gulf partners and the shipping industry.

CENTCOM has cleared the Strait of Hormuz of sea mines laid by Iran's Islamic Revolutionary Guard Corps (IRGC), ensuring a 95% success rate for ships navigating the Strait without incident. This success rate demonstrates the U.S. and regional partners' control over the international waterway. Oil flows through the Strait of Hormuz and throughout the Middle East have recovered over the past two months, with some estimates suggesting flows have surpassed pre-war levels, excluding Iranian exports.

Despite the recovering oil flows, threats to shipping persist. The escalating tensions between Saudi Arabia and the Houthis in Yemen could disrupt the recovering oil shipments, while Iran has claimed numerous attacks on tankers in the Persian Gulf and the Strait of Hormuz. As the market continues to price in a prolonged disruption and inefficient oil shipments, shipping costs have skyrocketed to record highs, ultimately increasing the cost of crude oil for buyers and consumers.

Brent Crude remained above $115 per barrel, and WTI stayed above $100 as hostilities between the Houthis and Saudi Arabia, along with Iranian attacks on tankers, continue.