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Market Chatter: Wright Says 18 Million Barrels Moved Through Strait Of Hormuz Tuesday

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US Energy Secretary Chris Wright said 18 million barrels of crude and refined products moved through the Strait of Hormuz on Tuesday with US assistance, during a Fox News interview on Wednesday.

The US Department of Energy confirmed the remarks in an emailed response to.

During the interview, Wright said, "18 million barrels of oil and oil products went through the Strait of Hormuz yesterday [Tuesday]... all with the US assistance."

When asked about rising diesel prices and the ongoing refining crisis, Wright said the US plans to expand ship escorts beyond crude to refined products, aiming to increase fuel flows through the Strait of Hormuz.

He added that crude moves more easily because carriers can transport larger volumes, but the US now wants more refined products to pass through the waterway.

The Energy Secretary said the seven-day running average, which he called the key measure, stood at "about 11 million barrels a day between crude and refined products, but that'll continue to go up."

Brent crude fell 2.65% to $105.87 per barrel in midday trade on Wednesday, while West Texas Intermediate crude declined 3.10% to $102.55/bbl amid recent developments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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