Evidence suggests the US Navy is moving more crude through the Strait of Hormuz than official data indicates, easing supply concerns.
Oil prices fell after the US energy secretary reported a meaningful increase in Hormuz transits, with indications the US Navy is facilitating more crude shipments than publicly disclosed. Transponders on some vessels were reportedly turned off, obscuring the true volume of flows through the critical chokepoint.
Prior to this, oil had declined following reports of renewed crude offers from the UAE and Kuwait to Asia, alongside higher Saudi jet fuel exports to Europe. These developments suggested easing supply constraints despite ongoing geopolitical tensions in the region.
Prices later rebounded after US strikes on Iran and indications that a full Hormuz reopening could be delayed beyond initial expectations, underscoring lingering tail risks.