US Treasury Secretary Bessent: World is well supplied in oil - Fox Business

US Treasury Secretary Bessent: World is well supplied in oil - Fox Business

U.S. Treasury Secretary Scott Bessent stated on March 4, 2026, that global crude oil markets remain well supplied despite escalating tensions in the Middle East, including U.S.-Israeli military actions against Iran and disruptions to shipments through the Strait of Hormuz. Speaking to CNBC, Bessent emphasized that "the crude markets are very well supplied" and highlighted the presence of "hundreds of millions of barrels on the water away from the Gulf" according to Reuters. He also indicated the administration plans to announce additional measures to support oil trade in the region, including political risk insurance for maritime operations provided by the U.S. International Development Finance Corporation as CNBC reported.

The comments follow recent volatility in oil prices, which rose 11% in a single week to $74.62 per barrel amid fears of prolonged supply disruptions. President Donald Trump has directed the U.S. Navy to prepare for potential missions to ensure safe passage for tankers through the Strait of Hormuz if needed according to Reuters. Meanwhile, the Treasury Secretary reiterated confidence in global energy security, citing strategic petroleum reserves and strong production from U.S. and international sources.

Bessent's remarks aim to reassure markets as the administration navigates geopolitical risks while promoting U.S. energy exports. The administration has also sought to diversify global energy dependencies, including efforts to persuade China to reduce purchases of oil from Iran and Russia Fox Business reported. Analysts remain cautious, however, as prolonged conflicts in the region could push prices above $100 per barrel CNBC analysis indicates.