WASHINGTON – Treasury Secretary Scott Bessent offered reassurance Wednesday about global oil supplies as military tensions escalate between U.S.-Israeli forces and Iran in the Middle East.
Speaking during a Wednesday interview on CNBC, Bessent emphasized that petroleum markets currently have adequate supply levels despite the ongoing conflict. “The crude markets are very well supplied. There are hundreds of millions of barrels on the water away from the Gulf. But more importantly, we have a series of announcements that we’re going to be making,” the Treasury Secretary stated.
Crude oil prices climbed approximately 1% Wednesday following U.S.-Israeli military strikes against Iranian targets that have disrupted regional supply chains. However, the rate of price increases moderated after President Donald Trump indicated the U.S. Navy might provide protection for commercial vessels navigating the Strait of Hormuz.
On Tuesday, Trump directed the U.S. International Development Finance Corporation to offer political risk coverage and financial backing for maritime commerce in the Persian Gulf region.
Bessent confirmed the administration’s commitment to protecting oil transportation routes. “So, U.S. government is going to step in, and when it is appropriate, and should it be needed, the U.S. Navy will provide safe passage through the straits for the oil tankers,” he explained.
