More than 17 million barrels of oil transited the Strait of Hormuz on Monday, a record since the Iran war began in late February, U.S. Energy Secretary Chris Wright told CNBC. Oil exports from the region on Monday were higher than pre-war levels even accounting for Saudi Arabia’s and the United Arab Emirates’ pipelines that bypass Hormuz. Iran is losing its ability to hold the world economic hostage as the U.S. military helps oil tankers sail through the strait. U.S. crude oil fell about 1% Wednesday, trading around $90 per barrel.
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