- The US military is aiding the removal of about 7 million barrels of oil daily from the Arabian Gulf
- This represents roughly half of the obstructed oil flow in the Strait of Hormuz since US-Iran conflict
- No Iranian crude is currently leaving the Strait, per Energy Secretary Chris Wright
Energy Secretary Chris Wright stated at a Houston event on Friday that the United States military is helping to remove about 7 million barrels of oil per day from the Arabian Gulf.
According to Wright, that represents roughly half of the oil flow that has been obstructed in the Strait of Hormuz since the start of the US-Israeli conflict with Iran. "To get cargoes out, we have a military effort that we haven't discussed much," Wright stated.
Wright stated at a Bloomberg Energy event that no Iranian crude is leaving the Strait and that, should a deal be made, he anticipates the unfettered passage of all goods through the Arabian Gulf. Additionally, he stated that the US military will try to restore the flow if a solution cannot be struck, as reported by Al Arabiya.
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According to Dan Pickering, chief investment officer at Pickering Energy Partners, the 7 million bpd flow is more than the oil industry had anticipated.
Rebecca Babin, senior energy trader at CIBC Private Wealth, stated at the event that oil prices, which are currently at the $88 level, show that investors had thought that just roughly 3 million to 4 million barrels of oil were coming through the Strait.
Wright stated that if an agreement is reached, some sanctions against Iran might be partially eased. According to Wright, a US gasoline tax vacation throughout the summer might help lower costs.
Earlier this week, US President Donald Trump announced that the United States had secretly transported 100 million barrels of oil through the Strait of Hormuz, bypassing a maritime blockade imposed by Iran since late February. Trump disclosed the details through a sequence of social media posts and a formal press briefing.
The President had stated on a Truth Social post that the U.S. executed a covert operation, "Last month, I directed our Great U.S. Military to execute a secret mission to support Oil Tankers and other Commercial Ships through the Strait of Hormuz. Today, I am pleased to announce that this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market."
ALSO READ: Iran Won't Surrender Hormuz Control Over Draft US Agreement, Tehran Media Says
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