72 Ships Transited Hormuz In A Day: US Energy Secretary Says 'Taking Away' Iran's Key Leverage

With 72 ships transiting the Strait of Hormuz in a single day, the US Energy Secretary highlighted a significant shift that is diminishing Iran's strategic leverage over global oil supplies. This surge in tanker flows indicates a return to normalcy after tensions escalated between the US and Iran, causing WTI futures to briefly dip below $70 a barrel. The normalization of these routes is easing physical market tightness, as reflected in option markets anticipating continued stability. This development underscores a crucial step in reducing the geopolitical risks that had been affecting global oil markets.