The U.S. military is helping move more than 7 million barrels of oil per day out of the Persian Gulf amid tensions with Iran and as the standstill in shipping traffic through the Strait of Hormuz continues, U.S. Energy Secretary Chris Wright said on Friday.
Wright said during a Bloomberg News interview that Iran’s only leverage in negotiations is “to interrupt the flow of energy out of the Persian Gulf” during hostilities with the United States.
However, Wright announced there was a “military effort that we’ve not talked a lot about” that started “recently” to remove oil cargoes of the Persian Gulf. As of Friday, a “rough average” of 7 million barrels of oil is now exiting the Gulf region with the assistance of the military, he said.
The figure represents about half of the flow of oil that has been stuck in the Strait of Hormuz since the Iran war began, Wright added.
No Iranian crude is getting out of the Strait, Wright said, adding that he expects to see the free flow of all products through the Persian Gulf if a deal is reached. And if no deal is reached, the U.S. military will work to restore the flow, he said.
Wright said that some sanctions on Iran could be partially lifted if a deal is made.
The statement from Wright on Friday could further drive oil prices down from a recent peak of more than $110 per barrel in mid-May due to U.S.–Iran hostilities. As of Friday afternoon, the price for a barrel of Brent crude was trading at around $84 per barrel.
In the United States, gas prices have also been trending downward in recent weeks. A month ago, the price for a gallon of regular gasoline averaged around $4.50, but it has dropped roughly 40 cents since then, according to daily figures released by the American Automobile Association. The price has also declined by around 10 cents over the past seven days.
Earlier this week, U.S. President Donald Trump wrote on social media that the United States had secretly moved around 100 million barrels through the Strait of Hormuz. The strait, on a normal day, allows for the passage of around a fifth of the world’s global petroleum and natural gas.
“This wildly successful effort is because the UNITED STATES of AMERICA controls the Strait of Hormuz—not Iran,” Trump said in Truth Social post on June 10. “Their military is defeated, and their economy is lost.”
Trump, meanwhile, on Friday offered criticism of the Iranian regime, calling it “very dishonorable.” He said that leaked details of a possible peace deal were false.
In response, Iranian Foreign Minister Abbas Araghchi wrote on social media that regarding a deal, it “has never been closer” and said media outlets “should refrain from entering speculation about its content.”
“In line with our responsible and transparent approach, all details will be shared with the public in due course,” he added.
Reuters contributed to this report.
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