U.S. Treasury Secretary: Naval Escort in the Strait of Hormuz Could Ease Oil Prices
U.S. Treasury Secretary Scott Bessent stated that the escort of commercial ships by the U.S. Navy through the Strait of Hormuz could help ease pressure on oil prices.
Expected Increase in Oil Supply
Speaking on Fox News, Bessent noted that a revival in maritime traffic would allow numerous tankers to leave the Gulf. Each ship carries about two million barrels, and between 150 and 200 tankers could set sail, contributing to an increase in supply in the global market.
A Military Device to Secure Navigation
U.S. military vessels have been deployed in the region to escort commercial ships and ensure their safe passage amidst escalating tensions.
Initiative Announced by Donald Trump
President Donald Trump announced the launch of an operation aimed at allowing the passage of ships that have been blocked in the Gulf for over two months, labeling the action a “humanitarian gesture” and a sign of “goodwill.”
Gradual Resumption of Maritime Traffic
The U.S. command in the region confirmed that efforts are ongoing to restore commercial navigation, noting that two U.S.-flagged vessels have already successfully passed through the strait.
Persistent Global Deficit
According to Bessent, the global market is facing a supply deficit of between 8 and 10 million barrels per day due to tensions in the Middle East. He also urged Iran to allow the passage of ships in the interest of the international community.
Prices Remaining Tense
Despite these announcements, oil prices remain high, with Brent crude exceeding $110 a barrel, influenced by ongoing uncertainties regarding global supply.
