--- title: "Oil Prices Drop Nearly 5% Below $90! U.S. Energy Secretary Says Ship Traffic Through Strait of Hormuz Is Increasing" type: "News" locale: "en" url: "https://longbridge.com/en/news/289216637.md" description: "U.S. Energy Secretary Chris Wright stated that ship traffic through the Strait of Hormuz is \"increasing very significantly,\" pushing international oil prices down further. Oil prices had already begun to decline after Trump claimed that a U.S.-Iran agreement could be reached within \"two to three days\" and that the Strait of Hormuz would reopen \"immediately.\"" datetime: "2026-06-09T20:29:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289216637.md) - [en](https://longbridge.com/en/news/289216637.md) - [zh-HK](https://longbridge.com/zh-HK/news/289216637.md) --- # Oil Prices Drop Nearly 5% Below $90! U.S. Energy Secretary Says Ship Traffic Through Strait of Hormuz Is Increasing On Tuesday, U.S. Energy Secretary Chris Wright stated at the Atlantic Council's Global Energy Forum that ship traffic through the Strait of Hormuz is "increasing very significantly." International oil prices fell in response. As of press time, **Brent crude futures**, the international benchmark, dropped 4.8% to $89.73 per barrel. International oil prices had already begun to decline after Trump claimed that a U.S.-Iran agreement could be reached within "two to three days," and Wright's remarks pushed prices down further. ## Trump: U.S.-Iran Agreement Could Be Reached Within "Two to Three Days," Strait of Hormuz to Reopen "Immediately" According to a previous article by Wallstreetcn, despite the outbreak of violent conflict between Israel and Iran this week, U.S. President Trump is still trying to convince the market that an agreement with Tehran to reopen the Strait of Hormuz is just "a matter of two to three days." According to Xinhua News Agency, Trump told reporters at New York's John F. Kennedy International Airport on the 9th that Israel and Iran had previously been "exchanging blows" but have now "agreed to a ceasefire." He stated, "We are at the final stage and will reach a very, very great agreement." When asked how long the negotiations would take, Trump replied, "Two to three days." Trump has repeatedly stated that an agreement with Tehran to reopen the Strait of Hormuz is imminent, but no such agreement has materialized so far. The fragile ceasefire implemented in April nearly collapsed this week after Iran launched missiles in retaliation for Israel's attacks on Lebanon. Subsequently, Israel retaliated against Iran. Trump pressured Israeli Prime Minister Netanyahu to exercise restraint and avoid further attacks. According to Xinhua News Agency, Trump warned the Israeli Prime Minister not to attack Iran again, or else Israel would face isolation. On the 8th, U.S. President Trump told U.S. media that he had warned Israeli Prime Minister Netanyahu that if war with Iran resumed, Israel could find itself isolated and without support. In a televised address on the 8th, Netanyahu stated that attacks on Iran have currently been "paused." The violent conflict briefly pushed up oil prices on Monday, but this round of exchanges appears to have ended without further escalation. Both Iran and Israel have stated that a ceasefire is in effect. ## JPMorgan: Actual Transit Volume May Be Higher Than Public Data Analysts at JPMorgan stated that the volume of oil passing through the Strait of Hormuz may be higher than publicly observed. According to the bank's estimates, up to 2 million barrels of oil per day may be transported by tankers that have turned off their transponders. In a report on June 4, JPMorgan analysts stated: "Although the naval blockade continues and commercial traffic has dropped sharply, it appears that a surprising amount of crude oil and petroleum products are still passing through the strait." Oil industry executives and analysts noted that global inventories are providing a buffer, keeping crude oil prices at relatively moderate levels compared to the scale of supply disruptions. However, they pointed out that as these inventories are rapidly depleted and summer demand peaks, oil prices could surge significantly later this year. ### Related Stocks - [03175.HK](https://longbridge.com/en/quote/03175.HK.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [03097.HK](https://longbridge.com/en/quote/03097.HK.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [IXC.US](https://longbridge.com/en/quote/IXC.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [IEZ.US](https://longbridge.com/en/quote/IEZ.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [PXJ.US](https://longbridge.com/en/quote/PXJ.US.md) - [CRAK.US](https://longbridge.com/en/quote/CRAK.US.md) - [ERX.US](https://longbridge.com/en/quote/ERX.US.md) - [ERY.US](https://longbridge.com/en/quote/ERY.US.md) - [DUG.US](https://longbridge.com/en/quote/DUG.US.md) - [MLPA.US](https://longbridge.com/en/quote/MLPA.US.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [Oil futures retreat after 3-session winning streak](https://longbridge.com/en/news/288765458.md) - [Oil edges up on US-Iran deal uncertainty, Oman's Mina al Fahal loading suspension](https://longbridge.com/en/news/288807263.md) - [Oil extends losses, falling more than 3.5%](https://longbridge.com/en/news/289224549.md) - [US Energy Secretary Wright says ship traffic through Strait of Hormuz is rising 'very meaningfully'](https://longbridge.com/en/news/289203786.md) - [Oil settles lower on continued hopes for Middle East deal](https://longbridge.com/en/news/289228205.md)