Bessent says increase in ships moving through Strait of Hormuz could ease pressure on oil prices

Treasury Secretary Scott Bessent predicted Monday that an increase in ships moving through the Strait of Hormuz in the Persian Gulf could decrease pressure on oil prices.

Bessent made the comment during an appearance on "Fox & Friends," and said the United States is also helping to make up for a global oil deficit.

"Any supply is helpful, and we want to get back to normal," Bessent said on the program. "The market is in deficit [by] about 10 to 12 million barrels a day, and we're making up for that deficit."

Bessent said an increase in countries making deals with Iran that translates to more oil shipments through the strait is helping ease supply concerns.

The comment comes after the U.S. recently joined a global, coordinated strategic release of crude oil reserves in order to lower oil prices resulting from ongoing hostilities in Iran. Of the 400 million barrels of oil that will be released, the U.S. is expected to contribute 172 million barrels from the Strategic Petroleum Reserve.

The Treasury Department also temporarily lifted sanctions on Iranian and Russian oil that was stranded in the ocean earlier this month, which is expected to bring millions of barrels of oil to global markets and further help bring down oil costs. 

"[There is] no extra money for either one of those regimes," Bessent said Monday. "So the market is well-supplied, and we are seeing more and more ships go through on a daily basis as individual countries cut deals with the Iranian regime, for the time being."

The secretary additionally said the U.S. is expected to eventually take over the strait, which would also help bring down oil costs.

"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," he said.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.