Oil prices rise amid Strait of Hormuz tensions with conflicting reports on vessel traffic and flow volumes.
Macro & Markets ·
Oil prices have risen as tensions escalate in the Strait of Hormuz, with sharply conflicting assessments of current petroleum throughput. Former President Trump states flow has declined to 18 million barrels per day from a prior 20 million, while U.S. Energy Secretary Wright reports approximately 9 million barrels per day, and vessel traffic has dropped to an average of four ships daily according to one account. Iran's Revolutionary Guard Corps has declared the strait closed to ships not complying with its maritime rules, though reports of actual oil movement remain mixed.