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economicOct 12, 2026

Hormuz clogging stop 6-7 million bpd of oil from reaching markets — Russian deputy PM

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This really significantly introduces an imbalance between supply and demand that creates serious volatility in the market today, Alexander Novak said

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Russia

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US Central Command Chief of Staff Brad Cooper asserted in a video statement that US and regional partners, rather than Iran, control the Strait of Hormuz, claiming the US blockade of Iranian ports has halted Iran's non-humanitarian maritime trade and prevented the export of at least $25 billion in crude oil.

Cooper further stated that US forces assisted Gulf allies in moving more than 100 million barrels of crude through the strait in the past week, while noting that these actions have degraded the IRGC's ability to project power, although these specific operational metrics and cost assessments remain unverified independent claims.

Location: Strait of Hormuz