US Energy Secretary Chris Wright said 17 million barrels of oil transited the Strait of Hormuz on Monday August 31, the highest daily volume since the war began - though tanker traffic remains below its ten-day average, with Kpler counting only four crossings on Tuesday. The physical disruption is therefore materially less complete than the price implies, which is the strongest live argument against the energy thesis and the reason its band is not tightened further.