U.S. Treasury Secretary Scott Bessent said oil markets are well supplied amid the U.S.–Israeli conflict involving Iran, adding that the United States plans to make a series of additional announcements on the matter.
“Crude markets are very well supplied. There are hundreds of millions of barrels at sea, far from the Gulf. But more importantly, we have a series of announcements that we are going to make,” Bessent said in an interview with CNBC.
U.S. and Israeli attacks against Iran disrupted Middle East supply, but the pace of gains slowed compared with previous sessions after President Donald Trump suggested that the U.S. Navy could escort vessels through the Strait of Hormuz.
Trump also said on Tuesday that he had ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.
“Therefore, the U.S. government will step in and, when appropriate and necessary, the U.S. Navy will provide safe passage through the strait for tankers,” Bessent said.
