Treasury Secretary Bessent says U.S. will make 'series of announcements' to support oil trade in the Gulf
CNBC • • nation
Key Points:
- Treasury Secretary Scott Bessent announced that the U.S. government will implement measures, including insurance coverage through the Development Finance Corporation, to stabilize oil shipments in the Persian Gulf amid rising geopolitical tensions.
- The U.S. plans to provide political risk insurance for maritime trade in the Gulf and may deploy the U.S. Navy to ensure safe passage for oil tankers through the Strait of Hormuz if necessary.
- Oil prices have surged due to fears of supply disruptions from the Middle East conflict, with crude rising 11% this week and concerns that prices could exceed $100 per barrel if the Strait of Hormuz is closed.
- Bessent emphasized that global oil markets remain well supplied despite tensions, highlighting strong strategic petroleum reserves and increased U.S
