Treasury Secretary Bessent says U.S. will make ‘series of announcements’ to support oil trade in the Gulf

Treasury Secretary Scott Bessent said Wednesday Washington will roll out a series of measures aimed at stabilizing oil shipments through the Persian Gulf, signaling that the government is prepared to step in as geopolitical tensions threaten one of the world’s most critical energy corridors.

“We have a series of announcements that we’re going to be making,” Bessent said on CNBC’s “Squawk Box.” “We began yesterday with with the announcement that DFC will provide the insurance for both the crude carriers and the cargo ships operating in around the Gulf over the weekend…”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 there for the oil tankers.”

His comments come as markets remain on edge following escalating conflict involving Iran, which has heightened fears of disruptions to oil flows through the Strait of Hormuz, a narrow waterway that handles roughly a fifth of global crude shipments.

U.S. crude prices have jumped 11% this week to $74.62 per barrel, bringing its 2026 gains to 30% on fears the widening war in the Middle East would result in a prolonged disruption to regional oil and gas supplies. Wall Street commodities strategists have warned that oil prices could surge above $100 per barrel if the Strait is closed for an extended period.

Bessent sought to calm concerns about a potential energy shock, arguing that oil markets are well supplied even as tensions escalate in the Middle East.

“This was a well telegraphed geopolitical event. The crude market had already moved substantially over the past two months…the crude markets are very well supplied,” he said.

The Treasury chief said officials remain in contact with energy-producing nations through the International Energy Agency and pointed to large strategic petroleum reserves globally. He added that the U.S. is in a far stronger position than during the early stages of the war in Ukraine, citing record domestic oil and natural-gas production and the country’s growing role as a major exporter of crude and liquefied natural gas.