September 2, 2026 -  More than 17M barrels of oil transited the Strait of Hormuz on Monday, a record since the Iran war began in late February and ~85% of pre-war levels, U.S. Energy Secretary Chris Wright told CNBC in an interview Wednesday.

Oil exports from the region on Monday were higher than pre-war levels when pipelines from Saudi Arabia and the United Arab Emirates that bypass Hormuz are included, Wright said.

Iran is losing its ability to "hold the world economic hostage" and is "causing some disruption, but they are losing that card," as the U.S. military helps oil tankers sail through the strait, the secretary said.

However, Iran has struck at least two tankers in the strait this week that have used the shipping corridor established along Oman's coastline under U.S. military protection, often at night with transponders turned off to reduce the risk of attack.

"With or without Iran, oil and gas will flow out of the Arabian Gulf region, and it's happening," Wright told CNBC.

Crude oil prices pulled back from earlier highs following Wright's comments, despite the latest round of fighting in the Middle East and President Trump's Truth Social comments that he "couldn't care less" if Iran signs an agreement to reopen Hormuz.

Two oil tankers hit sea mines and were disabled while attempting to transit the strait, Iran's Revolutionary ?Guards said.

"Ship-to-ship transfers in recent weeks have meant that some oil has continued to be exported through the Strait of ?Hormuz, alleviating some of the pressure on the oil market. However, these flows ?are at ?high risk of being disrupted by military strikes," Hamad Hussain of Capital Economics said in a note.

"If the conflict escalates further and there is even greater disruption to shipping in the Middle East, Brent ?crude ?prices could feasibly rise beyond $100," Hussain also said.

Front-month Nymex crude (CL1:COM) for October delivery is down 0.4% to $89.84/bbl, and front-month Brent crude (CO1:COM) for November delivery is down 0.1% to $94.60/bbl, after earlier rising to the highest since July 24 at $92.29/bbl and $97.04/bbl, respectively.