Energy Secretary Chris Wright predicted Tuesday that the amount oil moving through the Strait of Hormuz will “continue to rise” as the U.S. and Iran work to end the 100-plus day conflict.
During an Atlantic Council event, Wright said that traffic through the strait, a key oil shipping chokepoint, was “rising very meaningfully.”
He added that oil exported through the strait will “continue to rise.”
Oil prices fell Tuesday as the Trump administration projected optimism about the amount passing the strait.
U.S. Benchmark WTI was trading at about $88 per barrel as of Tuesday afternoon, down from as high as nearly $95 on Monday afternoon. International benchmark Brent crude was trading at about $92 per barrel, down from as high as almost $98 the day prior.
