Oil Flow Through Strait of Hormuz Returns to Pre-War Levels

Oil shipments through the Strait of Hormuz have returned to pre-war levels and on some days exceed volumes recorded before the conflict, Vice President JD Vance said Tuesday. Vance told The Michael Knowles Show that the waterway is open and moving more oil than before the war on certain days. He noted that overall ship traffic is lower than the pre-war daily average of 130 to 150 passages.

List data showed roughly 240 ships transited the strait last week. Vance said the gap between total traffic and energy shipments reflects faster return of oil tankers compared with container ships and bulk carriers. Before the war, about 20 million barrels of crude oil and petroleum products moved through the strait each day, accounting for roughly 25 percent of global maritime oil trade.

The US-Iran memorandum of understanding allowed Iran to resume energy sales after sanctions were waived and the port blockade lifted. Brent crude traded near $73 a barrel and West Texas Intermediate near $70 on Tuesday, down from peaks near $120 during the conflict. Vance said the reduction in energy prices has eased pressure on the world economy while preserving policy options.