US Energy Secretary Announces 18 Million Barrels of Oil Transited Hormuz

US Energy Secretary Chris Wright announced that 18 million barrels of oil transited through the Strait of Hormuz on Tuesday. He clarified that increasing the flow of supplies via the Bab al-Mandab Strait would be beneficial. Wright stated that the outflow of oil from the Gulf has risen to record levels currently, noting that approximately 18 million barrels exited on Tuesday, a level close to what it was before the conflict. He also indicated that President Donald Trump's administration is considering activating the Defense Production Act to boost US refining capacity. Furthermore, an American oil company is expected to discuss investment in Venezuela today.