The United States Secretary of Energy, Chris Wright, stated that it would be difficult for Iran to block the Strait of Hormuz again in the future, after the United States military had provided escorts to commercial vessels. The restoration of passage through the Straits as a key global crude oil transport route means that the direct disturbance of energy supply by the Middle East conflict is diminishing.
Ship recovery over the past 24 hours.
At an event in New York, Wright said that 72 ships had passed through the Strait of Hormuz in the past 24 hours, transporting about 19 million barrels of crude oil. He also claims that some 17 million barrels of crude oil were still transported through the waterway during the closure of the Strait announced by Iran last weekend.
According to a major commodity intelligence agency, Kpler, approximately 4.8 million barrels of crude oil are currently being transported across the Strait each day after the United States and Iran agreed last week to reopen the channel. Since the Strait of Hormuz assumed the global supply of about 20 per cent of crude oil prior to the conflict, the resumption of shipping was seen as an important signal of easing supply constraints.
The United States emphasizes that the energy supply will not be interrupted.
Wright stated that, even if the United States and Iran ultimately failed to reach a more comprehensive agreement, the Trump Government would ensure the sustainability of energy flows and avoid new supply gaps in the global market. At the same time, he claimed that Iran had tried to use the blockade to exert pressure, but that the leverage was being eroded.
He also referred to the 60-day exemption granted by the United States to Iranian oil sales, which did not mean that Tehran had already received substantial benefits. According to him, the United States has yet to unfreeze any Iranian funds and provide meaningful economic concessions to Iran.
Follow-up to the 60-day arrangement is pending consultation
Under the agreement signed last week between the United States and Iraq, Iran agreed to allow ships to pass through the Strait of Hormuz within 60 days without paying tolls, while the United States lifted the maritime blockade on Iran.
However, it remains unclear how the Strait will be managed after 60 days. In accordance with the terms of the agreement, Iran will discuss the successor arrangements with Oman and neighbouring Gulf States. This means that, while short-term shipping has resumed, the governance of the Strait and regional security issues have not yet been fully addressed.
On 28 February, following large-scale air strikes by the United States and Israel against Iran, Iran began to attack commercial vessels passing through the Strait of Hormuz, leading to a significant drop in ship traffic and a major disruption in the supply of crude oil.