A debate is brewing in the oil market: Is the Strait of Hormuz way more “open” than we thought?
Common wisdom held that the crucial waterway is effectively closed to oil tanker traffic. Iran has fired on dozens of tankers attempting to transit the strait. Maritime tracking services using a combination of transponder data and satellite imagery have reported a significant decline in the number of vessels trying to navigate the waters. Global oil inventories continue to be depleted.
But US Energy Secretary Chris Wright told a very different story last week: The strait is open,
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