US Energy Secretary Chris Wright on Sunday defended the administration of President Donald Trump's claims that millions of barrels of crude oil have crossed the Strait of Hormuz.
Mr Wright told Fox News that the running average through the southern route of the waterway was nine million barrels of oil per day, including an additional up to five million barrels through pipeline routes. He also said “just under” 18 million barrels passed through the straight early last week.
Washington's claims have run counter to shipping traffic data. Recent figures from Kpler showed four vessels transited the strait on Thursday, while the IMF's PortWatch monitor showed the seven-day moving average for crossings was four in the week ending August 30.
“They're not an opinion. There's no math magic. So maybe it's frustrating to the commercial organisations that they just don't have the insight or they don't have the data of what's actually happening. But why would we be lying?” Mr Wright said on Fox News Sunday.
Traffic has significantly decreased in the Strait of Hormuz since the US and Israel launched co-ordinated strikes against Iran on February 28, with the Iranian regime retaliating by attacking key energy sites across the Gulf and vessels in the waterway through which 20 per cent of the world's energy supplies transited before the war began.
The US responded by imposing a naval blockade to halt the flow of Iranian crude from the region. US Central Command on Sunday said its forces redirected 92 commercial vessels, disabled three and boarded two as part of its efforts to enforce the maritime blockade.
Mr Wright said the blockade's mission was two-fold: prevent the flow of Iranian crude while also working to ensure the flow of traffic through the strait.
“So yes, it is the US Navy that's assuring that this flow comes out,” Mr Wright said.
Mr Wright's comments came after Iran warned of “faster, heavier and more painful” retaliation if the US were to continue its attacks.
Writing on Telegram, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said the regime's “proportionate responses” to US attacks were over.
At the same time he also acknowledged the economic pressure the country is under. The Iranian rial has lost more than 60 per cent of its value since March, while inflation remains above 80 per cent. The IMF anticipates the country's gross domestic product to contract by 6.1 per cent this year.
“The people endure hardship, but they do not tolerate mismanagement and inefficiency,” Mr Ghalibaf wrote.
The US is expected to target another Iran-linked bank this week as part of its new campaign to sever the regime's financial lifelines.
The Treasury Department on Friday imposed sanctions on a Turkish investment bank and two of its subsidiaries for its ties to Iran's Islamic Revolutionary Guard Corps, a week after the department took action against UAE branches of Egyptian bank Banque Misr. The UAE Central Bank said it was to conduct a “special and urgent examination” into the activities of Banque Misr's branches in the country.
This comes as the US won the backing from the EU in convincing global partners to cut off their trade and financial ties to Iran.
Treasury Secretary Scott Bessent said the US was also looking at Iran's digital assets as well as airline leasing companies.
“Many of our allies came forward and said we will do whatever is necessary because they understand that Iran is in economic death throes and that the Iranian snake, having had its head cut off, that once the body they stops contorting, then they will come to the table,” Mr Bessent said during a news conference at the G20 finance gathering in North Carolina on Tuesday.
