Some 20 million barrels of crude oil have exited the Strait of Hormuz in the last 24 hours, as tankers continue to transit the key waterway for Middle East supply, U.S. Energy Secretary Chris Wright said on Wednesday.
“I could say roughly 72 ships in the last 24 hours, and 20 million barrels of oil,” Wright told the Reuters Global Energy Forum in New York when asked how much oil had exited the strait, following an initial U.S.-Iran agreement to end the war.
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“Iran will not have the ability to close the Strait of Hormuz going forward. That’s a critical thing, that’s their key leverage, and we’re taking that leverage away from them,” he added.
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Benchmark oil prices fell more than US$3 on Wednesday to their lowest level since before the start of the Iran war in February as supply concerns eased with more stranded oil tankers exiting the strait.
Shipments through the narrow waterway bordering Iran have been curtailed for months by the conflict, interrupting the flow of about one-fifth of the world’s crude oil.
Since Iran never honours an agreement with infidels (that’s all of us in the world). Naturally they will send a speed boat out to close the strait when ever they feel like it.
U.S. Energy Secretary Chris Wright does not know what he is talking about. Iran still has the ability to shut down the strait whenever it wants. Even more as Trump has been told to take his toys and go home by the US people.
Some people do not understand that the price of oil is West Texas Intermediary. or an indicator like that. The gas stations set the price based on what they pay at the distributors. The oil that sold last week for $110/bbl, is now coming to the gas stations. Those with full tanks obviously paid more for it. Those with empty tanks will pay less. – it is a balancing act to try to get profit, without being the highest in town.
The price of fuel is not going to stop TDS from crying.
They will just be crying about something else.
They are going to be sad for two more years until they begin their 4 year hissy fit about Vance.
VDS does not have the same ring to it.
Thank you for your attention to this, you bunch of crybabys.
-DJT
We need to get serious about the price gouging happening in Alberta. First station show $1.60, five blocks down it’s $1.50, five more blocks and it’s $1.43.