U.S. forces have helped Persian Gulf producers move more than 1.5 billion barrels out of the Strait of Hormuz since the Iran war began, Adm. Brad Cooper, the commander of U.S. Central Command (CENTCOM), said during a visit to the Strait of Hormuz on Sunday.
More than 3,000 commercial vessels have successfully transited the Strait of Hormuz with support from CENTCOM forces over the last six months, the U.S. military said.
“We continue to stand shoulder to shoulder with our Gulf partners and the shipping industry,” said Cooper.
“This visit underscores our strong commitment to continued freedom of navigation through the Strait of Hormuz.”
American forces have successfully cleared the Strait of Hormuz’s international shipping lanes of sea mines laid by Iran’s Islamic Revolutionary Guard Corps (IRGC), according to the U.S. Central Command.
The U.S. military said that the 95% success rate of ships navigating the Strait of Hormuz without incident in recent months is “clearly demonstrating that the United States and regional partners control the international waterway.”
Oil flows out of the Strait of Hormuz, and the whole Middle East has recovered in the past two months, according to various tanker-tracking services. Some estimates put the flows at the Strait of Hormuz at already exceeding pre-war levels, excluding Iranian exports.
However, threats to shipping in the area have not subsided. On the contrary, the escalating Saudi-Houthi tensions could disrupt the recovering flows, while Iran has claimed dozens of hits on tankers in the Persian Gulf and in the Strait of Hormuz.
At any rate, the market continues to price in a prolonged disruption and continued inefficient oil shipments, which have hiked shipping costs to record highs, further raising the cost of crude oil for buyers and ultimately, for the end consumers.
Oil prices fell in Asian trade on Monday, but Brent Crude remained above $115 per barrel, and WTI was still above the $100 mark, as hostilities between Yemen’s Houthis and Saudi Arabia, as well as Iranian attacks on tankers in the Persian Gulf, continue.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
- U.S. Partner in Venezuela Oil Deal Looks to Hike Crude Production
- U.S. Diesel at $6.30 a Gallon as First Russian Cargo Sets Sail for New York
- Europe’s Natural Gas Prices Soar to Four-Year High as Winter Looms
