President Donald Trump announced on Wednesday (June 10) that the United States has secretly transported millions of barrels of oil through the Strait of Hormuz. According to President Trump, Iran was unaware of this operation until he disclosed it during a press briefing in the Oval Office. He stated that this covert effort has contributed to keeping crude oil prices below $100 per barrel.
President Trump also revealed that U.S. forces took out 22 ships during this operation. His comments followed those of Energy Secretary Chris Wright, who mentioned that oil exports through Hormuz are “rising very meaningfully,” without providing specific details. Wright’s remarks were made during an interview with CNBC’s Brian Sullivan at the Atlantic Council Global Energy Forum.
The Strait of Hormuz is a critical passageway for global oil shipments, and its security has been a focal point amid ongoing tensions between the U.S. and Iran. According to CNBC, oil prices fell more than 3% on Tuesday after Wright’s comments, with U.S. crude futures closing at $88.20 per barrel and Brent futures at $91.45.
Despite the reduced visibility of oil shipments through Hormuz, JPMorgan analysts estimate that around 2 million barrels per day may be moving through the strait on tankers with deactivated transponders. The analysts noted that, despite a naval blockade and reduced commercial traffic, significant volumes of crude are still being transported through the strait.
The situation remains tense, with recent military exchanges between Iran and Israel adding to the complexity. President Trump has expressed optimism about reaching a deal with Tehran to reopen Hormuz, although such an agreement has yet to be finalized.
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