US Energy Secretary Chris Wright recently defended claims made by President Donald Trump’s administration regarding oil transit through the Strait of Hormuz. He stated that an average of nine million barrels of oil pass through this crucial waterway daily, with an additional five million through pipelines. However, shipping data suggests a significant reduction in traffic, contradicting these claims.
The decrease in traffic follows US and Israeli strikes against Iran, leading to Iranian retaliation targeting energy sites. The US has imposed a naval blockade to inhibit Iranian crude oil flow while ensuring safe passage for commercial vessels. Wright emphasized that the US Navy is crucial to maintaining this flow and addressing the current tensions. Meanwhile, Iran warned of heightened retaliation against continued US attacks, acknowledging the economic struggles it faces.
In parallel, the US Treasury has imposed sanctions on a Turkish investment bank linked to Iran’s Revolutionary Guard and is looking into financial ties globally, backed by the EU, to strengthen pressure on Iran’s economy.
