Oil Flows Rise: US Military Aids Gulf Egress

As of 2026-06-13T12:55:35+00:00, U.S. Energy Secretary Chris Wright reported that approximately 7 million barrels of oil are now exiting the Persian Gulf daily. This figure represents nearly half of the oil volumes that were initially stranded due to disruptions at the Strait of Hormuz. Wright credited U.S. military intervention for facilitating the transit of these vessels, many of which are now operating with their transponders turned off.

Chevron CEO Mike Wirth offered a differing perspective, suggesting that the volumes of oil moving through the strait are lower than Secretary Wright's estimates. Wirth acknowledged that the U.S. military has provided support, enabling some ships to transit, often at night and with transponders deactivated. He stated that these movements have helped to ease the physical oil markets.

Initially, nearly 20% of global oil flows were disrupted by the ongoing conflict, leading Saudi Arabia and the UAE to reroute volumes via pipelines. Secretary Wright indicated that approximately 7 million barrels per day are now flowing again, a figure he described as a rough estimate that is rising. He affirmed that no Iranian oil is currently exiting the Gulf, emphasizing the ongoing military protection for transit routes.

Global oil futures, which peaked at $138 per barrel in early 2026, had fallen to about $87 per barrel as of 2026-06-12. This price decline is attributed to increased U.S. crude exports from the Strategic Petroleum Reserve, reduced Chinese imports, conservation efforts, and the increased flow of oil from the Middle East.