U.S. and Iran Reach Memorandum on Strait of Hormuz Traffic, Energy Secretary Reports Flows Returning to Normal

Energy Secretary Chris Wright said Sunday that oil traffic through the Strait of Hormuz has returned toward normal levels following a memorandum of understanding signed last week between the United States and Iran. Wright told ABC's "This Week" that 67 ships passed through the strait on Saturday, compared with 55 on Friday.

Wright stated that "flows of oil and natural gas through the strait have already returned to normal." Vice President JD Vance said Saturday there was no evidence Iran had blocked the strait and described the previous 24 hours as a record for oil volume moved. The U.S. military is escorting vessels through a southern route.

Vance is scheduled to meet Sunday in Lucerne, Switzerland, with special envoy Steve Witkoff and Jared Kushner for talks with Iranian officials mediated by Pakistan and Qatar. The memorandum signed last week initiated a 60-day period for the two countries to reach a final agreement on Iran's nuclear program.

Wright declined to predict when prices would return to pre-conflict levels but said they will continue to decline. "We've got growing American production, surging production in Venezuela," he said. AAA reported the national average for a gallon of regular gasoline at $3.93 as of Sunday morning, about 70 cents higher than last June.

The original article did not include the date when U.S. and Israel began hostilities with Iran.