Hormuz Strait Energy Exceeds 17M Barrels
Oil shipments through the Strait of Hormuz exceeded 17 million barrels per day over ten days, reaching their highest level in six months amid ongoing tension with Iran. This increase has led to a decline in oil prices for the fourth consecutive day, with Brent crude decreasing by 2.1% to $101.66 per barrel, and West Texas Intermediate dropping by 2.2% to $98.09. These developments come amid U.S. efforts to protect its naval forces and to enhance security and military coordination between Saudi Arabia and Kuwait.
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