US CENTCOM told CNBC that the US military helped over 660mln barrels of oil through the Strait of Hormuz since May

US military escort and presence operations around the Strait of Hormuz have a long history, and the channel in past episodes has run through freight, insurance and the risk premium rather than through physical flows, since the strait carries a large share of seaborne crude and has never actually been closed in modern episodes of tension. The figure itself is a confirmation that flows have continued under protection, which in comparable episodes has tended to cap the geopolitical premium in prompt crude and shift price sensitivity toward tanker rates and war-risk cover rather than outright supply loss. The distinction worth drawing is between escorted transit continuing, which is the status quo and broadly neutral, and any disruption to escorted transit, which is when the premium re-rates violently at the front of the WTI and Brent curves. Actors to watch are the usual ones: CENTCOM posture, Iranian rhetoric around the strait, and any change in insurance pricing or chartering behaviour on Gulf loadings, which historically has led the flat-price reaction. As a statement of ongoing operations rather than a new event, the signal is that the chokepoint remains open under guard, and the follow-ons are any incident reports or shifts in shipping costs rather than the headline itself.