Bessent says ‘more and more’ ships moving through Strait of Hormuz, could ease oil price pressure

An increase in ship traffic through the Strait of Hormuz could help ease pressure on oil prices, Treasury Secretary Scott Bessent suggested Monday, signaling potential relief as markets fret over rising costs.

“Any supply is helpful, and we want to get back to normal,” Bessent told “Fox & Friends,” referencing the uptick.

“The market is in deficit [by] about 10 to 12 million barrels a day, and we’re making up for that deficit.”

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Treasury Secretary Scott Bessent said oil supply is being stabilized as more ships move through the Strait of Hormuz. (Andrew Harnik/Getty)

As more countries strike deals with Iran to keep oil moving, Bessent said the increase in shipments is helping ease supply concerns.

On top of movement through the strait, the Trump administration has facilitated a 172-million barrel release from the Strategic Petroleum Reserve (SPR) as part of a 400-million-barrel coordinated international effort to address energy supply chokeholds.

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The Callisto tanker sits anchored as the traffic is down in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman on Mar. 10. (Benoit Tessier / Reuters)

That effort, combined with unsanctioning Russian and Iranian crude already on the water, is said to help mitigate the cost as well.

“[There is] no extra money for either one of those regimes,” Bessent clarified, referencing the eased sanctions.

“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.”

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He added that further relief could be on the horizon as the U.S. moves to secure the key global oil route.

“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.”