Vance: Iran clash not a war as oil still moves through Hormuz

Vance said the U.S. escorted about 15 million barrels of oil through the Strait of Hormuz on Wednesday, with Energy Secretary Wright later citing around 17 million barrels on Monday; oil flows have varied, with estimates ranging up to ~20 million barrels daily before the war, and overall traffic still well below prewar levels. The piece also notes ongoing market volatility, Iran’s leverage from strikes, and analysts’ view that the administration is pressuring Iran without committing to a full-scale war, while seeking to hold the line ahead of midterm dynamics.