US sees easing oil pressure as more shipments move through Strait of Hormuz
US Treasury Secretary Scott Bessent said on Monday that increasing oil shipments through the Strait of Hormuz could help reduce pressure on global oil prices.
Speaking on "Fox & Friends," Bessent said the United States is helping offset a global supply deficit of 10 to 12 million barrels per day. He cited recent moves, including a coordinated release of 400 million barrels from strategic reserves and temporary sanctions relief on Iranian and Russian oil, as measures easing supply concerns.
Bessent added that the US may eventually assume control of the strait to ensure freedom of navigation.
