US Energy Sec: Hormuz oil flows just below 11M bpd

The Energy Secretary's numbers frame Hormuz as a still-dominant but not absolute chokepoint, with pipelines offering a partial cushion. This matters because any disruption scenario now has a clearer baseline for how much supply could reroute versus how much would be lost. The gap between seaborne and pipeline capacity is the real risk metric to watch, especially if regional tensions escalate. Whether that buffer narrows or holds will define the market's sensitivity to Hormuz headlines in the coming weeks.