Oil Falls as Wright Says Hormuz Exports Near 9 Million Bpd
Updated
Updated · CNBC · Aug 13
Oil Falls as Wright Says Hormuz Exports Near 9 Million Bpd
3 articles · Updated · CNBC · Aug 13
Summary
U.S. crude settled at $81.25 a barrel and Brent at $87.07 after Energy Secretary Chris Wright said Strait of Hormuz exports are running near a seven-day average of 9 million bpd.
Wright said Gulf exports reach about 15 million bpd including pipelines and argued private trackers miss covert ship movements, a claim far above TD Securities' roughly 5 million bpd estimate.
That supply signal eased prices even though crude is still up about 4% this week, with a Washington-Tehran deal to increase traffic through Hormuz still not in place.
The market backdrop remains fragile: the IEA expects 2026 oil demand to fall 1.6 million bpd, while July supply was 6.3 million bpd below a year earlier with 8.3 million bpd of Gulf output shut in.
Attacks on ships in the Gulf of Oman and Red Sea, a reported Houthi drone strike on Saudi Arabia's Jizan region, and U.S.-Iran claims over who controls Hormuz keep traders wary of political signals.