Trump team out on a limb with claim that oil is flowing through Strait of Hormuz
Trump administration officials are straining the credulity of markets by claiming ever more assertively over the past week that upward of 10 million barrels per day of crude oil are passing through the Strait of Hormuz, about half of what was transiting the crucial trade route before the war with Iran began.
TL;DR
- Trump administration officials claim over 10 million barrels of crude oil per day are passing through the Strait of Hormuz.
- Oil market analysts and tanker trackers are skeptical of these figures, estimating much lower transit volumes.
- Some experts have called the administration's numbers "egregious" and "utterly preposterous."
- The administration claims to have access to actual data, including tracking covert ship movements, which private estimates lack.
- Independent trackers estimate daily oil flow through the strait to be around 4-6 million barrels per day.
- Despite the debate, oil prices are inching closer to a four-week high, indicating market uncertainty.