Energy Secretary Chris Wright urged oil markets not to price in a quick diplomatic breakthrough over shipping through the Strait of Hormuz, where talks between Iran and Gulf nations are scheduled in Oman around September 14-15. Alternative routes are carrying roughly 10 million barrels per day of crude and refined products, while more than 9 million barrels per day are currently moving through the strait under U.S. naval escort. The waterway normally handles 17 million to 20 million barrels per day, or about a fifth of global petroleum consumption, but U.S. and Israeli strikes against Iran earlier in 2026 reduced flows to averages of 7 million to 11 million barrels per day. Wright has said the U.S. prefers negotiations on Iran’s nuclear issue while retaining the option of military force if diplomacy fails.