US military escorts rising number of oil tankers through Hormuz

The U.S. Navy is actively escorting oil tankers through the Strait of Hormuz, a critical maritime chokepoint, as tensions with Iran continue. Senior U.S. officials reported that dozens of vessels are being escorted nightly, carrying millions of barrels of oil. Energy Secretary Chris Wright indicated that these flows are rising and now represent about half of the volume seen before the conflict with Iran began on February 28.

U.S. Interior Secretary Doug Burgum confirmed that the number of escorted vessels can exceed 20 on some nights, contributing to substantial oil movements out of the strait. Burgum suggested that markets have recognized this increased flow, leading to a softening of oil prices. President Donald Trump also claimed that over 200 commercial ships and 100 million barrels of oil have escaped Iran's blockade.

While the exact timeline for these escort operations was not provided, oil prices have shown a downward trend. Brent crude, the international benchmark, has fallen approximately 20 percent over the past month, trading down 3.5 percent at $87.17 per barrel on Friday. This price softening is occurring amidst signals from Iran and the U.S. that a new ceasefire deal may be close.