US military continues helping commercial ships transit Strait of Hormuz; WTI oil falls to $72.32
The U.S. military is continuing to help commercial vessels move through the Strait of Hormuz, most with their transponders turned off for security while monitor by U.S. forces, a U.S. official told Fox News.
The U.S. facilitated transits the past few days and will continue to do so and the effort to help commercial shipping get through the Strait of Hormuz has not stopped, despite reports to the contrary, the official added.
“Since early May, U.S. forces have helped facilitate the successful transit of more than 800 commercial vessels and 380 million barrels of crude oil through the Strait of Hormuz,” a U.S. official told FOX Business earlier Thursday.
Oil prices slid over 1% on Thursday as markets assessed the escalating conflict between the U.S. and Iran and its implications for efforts to end the war and fully reopen the Strait of Hormuz.
About 20% of global oil supplies passed through the strait before the Iran war.
Brent futures LCOc1 fell $1.12, or 1.4%, to $76.90 a barrel at 11:02 a.m. ET, while U.S. West Texas Intermediate crude CLc1 fell $1.20, or 1.6%, to $72.32.
WTI closed Wednesday at its highest since June 22.
The U.S. military effort does not amount to a physical escort mission. A U.S. Central Command spokesperson said June 1 that American forces “are not escorting” commercial vessels, but continue to “communicate and coordinate with commercial ships seeking to freely and safely transit the Strait of Hormuz.”
A U.S. defense official previously told Fox News that the Navy remains in near-constant communication with commercial ships seeking passage, sharing threat information, timing guidance, weather conditions and coordinates.
Many of the vessels have crossed with transponders turned off.
The continued U.S. role comes as commercial shipping remains under strain in the region.
A Joint Maritime Information Center advisory said the Strait of Hormuz threat level is “SEVERE,” citing Iranian attacks, navigation interference, mine-risk reporting and continued IRGC hailing and routing pressure on vessels.
Reuters, Fox News’ Liz Friden and FOX Business’ Lauren Simonetti contributed to this report.