US Treasury Secretary Bessent says oil market well supplied amid Iran war

US Treasury Secretary Scott Bessent said on Wednesday that crude ​oil markets are well supplied amid the ‌US-Israeli war in Iran, and that the US plans to make a series of additional announcements on the ​issue.

"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," Bessent said in an interview with CNBC.

Oil prices rose about 1 percent on Wednesday ​as US-Israeli strikes on Iran disrupted Middle East ​supplies, but the pace of gains slowed from past sessions ‌after ⁠President Donald Trump suggested the US Navy could escort vessels through the Strait of Hormuz.

Trump also said on Tuesday that he had ordered ​the US International ​Development Finance ⁠Corporation to provide political risk insurance and financial guarantees for maritime trade ​in the Gulf.

"So, US government is going ​to ⁠step in, and when it is appropriate, and should it be needed, the US Navy will ⁠provide safe ​passage through the straits for ​the oil tankers," Bessent said.

Reuters