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Oil market well supplied, control of Hormuz to shift over time, Bessent says

World News

30-03-2026 | 08:58

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Oil market well supplied, control of Hormuz to shift over time, Bessent says

U.S. Treasury Secretary Scott Bessent said ‌on Monday that the global oil market is well supplied, with more ⁠boats traveling through the Strait of Hormuz.

"Over time, the U.S. is going to retake control of the Straits and ‌there ⁠will be freedom of navigation, whether it is through U.S. ⁠escorts or a multinational escort," Bessent said in ⁠an interview with Fox News.

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Scott Bessent

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Strait of Hormuz

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