US Energy Secretary: Hormuz Transit Not Yet at Pre-War Levels

This signals that the perceived threat to a key oil chokepoint persists, even if headline flows are holding. The reliance on military escorts underscores that risk premiums in crude pricing may not fully dissipate, while the softer stance on natural gas suggests a potential supply-side relief narrative. The Venezuela angle points to a deliberate US strategy to diversify supply sources, which could reshape regional output dynamics. The open question is whether escort requirements and transit volumes will normalize enough to erase the residual security premium in energy markets.