US Energy Secretary Wright says roughly 72 ships have exited Strait of Hormuz in last 24 hours, amounting to 20 mln barrels of oil; Return to normal oil flows delayed due to Iranian mines in the Strait of Hormuz

Iran will not have the ability to block Strait of Hormuz going forward. Even without an Iran deal, the US will ensure flows of oil through the Strait. Return to normalcy in Hormuz will take a few weeks. Expects to be able to raise Venezuela oil exports to 2mln BPD during this administration. SPR could reach 500mln barrels with creative refill. EU rules will make it nearly impossible to import US LNG.