Back to (Oil) Normalcy? Not So Fast

8/24/26
QUICK TAKES // BY BEN FRANKEL
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One of Iran’s responses to the joint U.S.-Israel attack of 28 February 2026 was targeting shipping in the Strait of Hormuz. That did not stop the Trump administration from insisting that, notwithstanding blockades, sea mines, and the targeting of tankers, oil is still moving out of the Gulf at near pre-war levels. Energy Secretary Chris Wright has been the most consistent messenger.

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