U.S. Energy Secretary Wright said on Sunday U.S. Navy escort vessels are
assisting tankers through the Strait of Hormuz and that escort operations are
unlikely to end soon, calling them critical to maintaining crude flows. He said
daily crude shipments via the strait currently exceed 9 mln bpd and — with more
crude and products routed via pipelines and other corridors — regional oil
transport has recovered to about two-thirds or more of pre-conflict levels. Last
week Wright said roughly 17 mln barrels transited the strait on Monday. He added
Iran continues to cause trouble but the U.S. Navy is winning the fight, and said
unleaded gasoline prices could fall as the summer driving peak ends and federal
blending adjustments increase supply.
