US eyes Strait of Hormuz control to secure global oil supply

US Treasury Secretary Scott Bessent stated that the United States will eventually “retake” control of the Strait of Hormuz, as rising tensions with Iran affect global oil markets, according to Bloomberg.

Bessent emphasised that the market is well supplied and that any additional oil deliveries would be beneficial. He added that the US expects oil supplies to increase as countries finalise agreements with Iran.

“Over time, the US is going to retake control of the straits, and there will be freedom of navigation — whether it is through US escorts or a multinational escort,” Bessent noted.

The Treasury chief stressed that the global oil market is “in deficit about 10 to 12 million barrels a day,” and added that efforts are underway to compensate for that shortfall.

By Jeyhun Aghazada