Commentary: For the oil market, the Strait of Hormuz isn’t closed

The Iran war has triggered what many say is the largest oil-supply shock in history but the market has defied expectations of high prices, says Bloomberg Opinion's Javier Blas.

US Energy Secretary Chris Wright claims that almost 9 million barrels a day had crossed Hormuz during the previous week, which is significantly higher than most tanker trackers' estimates. The oil market is skeptical of Wright's estimate, with many trackers pegging recent Hormuz flows at around 4 million to 5 million b