US Treasury Secretary Scott Bessent has stated that the global oil market remains well supplied despite ongoing tensions linked to the Iran conflict. He noted an increase in vessels moving through the Strait of Hormuz and said the US will retake control of the Straits over time.
Bessent added that authorities are seeing increased oil supply as several countries have cut deals with Iran, stating that any supply will be helpful at this point. He has repeatedly defended the Trump administration's strategy in the ongoing conflict, saying the United States has plenty of money to fund military operations against Iran.
The administration has argued that maintaining a strong military and naval presence is key to securing global energy routes and stabilising markets. Bessent has also backed moves to ease sanctions on Iranian and Russian oil, suggesting that increased supply from multiple buyers could prevent sharp price spikes and reduce revenue concentration.
