Dubai: More than 17 million barrels of oil passed through the Strait of Hormuz on Monday, US Energy Secretary Chris Wright told CNBC. The strategic waterway has become a focal point amid rising tensions, as recent events have significantly impacted the global oil trade.

According to Anadolu Agency, the volume recorded on Monday marked the highest daily flow through Hormuz since the ongoing conflict with Iran began to disrupt energy shipments. When accounting for the oil transported through Saudi Arabia's and the United Arab Emirates' pipelines that bypass the strait, more oil has left the region than before the war began. Prior to the conflict, the International Energy Agency reported that nearly 20 million barrels per day of crude oil and petroleum products moved through Hormuz, making up about a quarter of global seaborne oil trade.

The situation has been exacerbated by continued threats, including attacks on commercial vessels and mine threats, which have also led to increased insurance costs. This week, tensions escalated further after two tankers carrying Saudi crude were struck while exiting the strait. The US responded with strikes on Iranian targets around Hormuz, focusing on mine-laying capabilities and maritime assets.

In retaliation, Iran targeted US bases in the region, heightening concerns over potential further disruptions to Gulf energy exports. As a result, oil prices surged by more than 5% on Tuesday, with international benchmark Brent crude trading near $94 per barrel and US benchmark West Texas Intermediate around $89.