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(Bloomberg) -- Oil fell — following a surge of almost 4% on Wednesday — as the US again suggested that major volumes of crude are getting through the Strait of Hormuz despite risks to shipping. Global benchmark Brent dropped below $102 a barrel, while West Texas Intermediate was near $91. US Treasury Secretary Scott Bessent told Fox News 17 million barrels “sometimes” transited Hormuz per day. Still, other market watchers have flagged lower figures, with Clarksons Research putting the daily volume at about 8 million barrels earlier this month. In the Middle East, traders are also awaiting further details from Saudi Arabia on plans to restart oil exports via its critical East-West pipeline. The cross-country conduit — which was damaged in attacks earlier this month — feeds the kingdom’s Red Sea coast and has been a vital workaround to shipping cargoes via Hormuz amid sustained threats to shipping during the war. Crude has surged this year as the US-Iran war, as well as the fall-out from the Russia-Ukraine conflict, cut supplies and damaged infrastructure. Broad-based gains in energy have lifted global inflation, heaping pressure onto consumers, while boosting inflationary challenges for central bankers. Oil products including diesel have rallied harder than crude, with US retail prices of the transport, construction and agricultural fuel surging to a record. That’s prompted some lawmakers to push for export curbs. Earlier this week, President Donald Trump said he’d encouraged his advisers to support a ban. US diesel futures were little changed after slumping on Wednesday due to speculation the White House was considering restrictions. Still, Energy Secretary Chris Wright said the administration was working with refiners to voluntarily rein in their shipments as an alternative to an outright ban. In the US, the diplomatic focus shifted toward this week’s planned summit between President Trump and his Chinese counterpart, Xi Jinping. Asked whether he would address Iran in his talks with Xi, Trump said he would. The Asian nation is typically a major importer of Tehran’s crude, although flows have been curtailed by a US blockade of the Islamic Republic. Crude slumped on Wednesday after Iranian President Masoud Pezeshkian highlighted the still-wide gap between Tehran and Washington in a speech at the United Nations. Pezeshkian said his country would not respond to threats, and laid out a number of conditions before any meaningful talks could resume. “Optimism around speedy diplomatic solutions to the war and associated energy disruptions seems to have been greatly diminished,” said Walt Chancellor, energy strategist at Macquarie Group. While the market would not ignore potential openings, expectations may be more muted, he added. In Hormuz — which links the Persian Gulf to global markets — attacks on vessels have continued. A cargo ship was left adrift and burning after being struck by a projectile, according to UK Maritime Trade Operations. To get Bloomberg’s Energy Daily newsletter in your inbox, click here. More stories like this are available on bloomberg.com ©2026 Bloomberg L.P. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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