U.S. Treasury Secretary Assures Stable Oil Markets Amid Middle East Tensions

U.S. Treasury Secretary Scott Bessent assures that crude oil markets remain well supplied despite the U.S.-Israeli conflict in Iran. The U.S. plans to make further announcements, and the U.S. Navy might provide escort for vessels through the Strait of Hormuz. Oil prices rose 1% amid tensions.

U.S. Treasury Secretary Scott Bessent announced on Wednesday that crude oil markets remain sufficiently supplied despite the ongoing U.S.-Israeli conflict in Iran. He indicated that the U.S. plans to issue additional statements to address the situation.

"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 told CNBC. Oil prices noted a 1% increase on Wednesday due to U.S.-Israeli strikes affecting Middle East supplies. However, the rate of increments decelerated once President Donald Trump suggested potential U.S. Navy escort for vessels navigating the Strait of Hormuz.

President Trump also directed the U.S. International Development Finance Corporation to offer political risk insurance and financial guarantees for Gulf maritime trade. According to Bessent, the U.S. government is ready to intervene as needed, with the Navy prepared to ensure safe passage for oil tankers in the region.

(With inputs from agencies.)