The United States expects traffic in the Strait of Hormuz to gradually resume and believes the process has already begun, US Treasury Secretary Scott Bessent said on Monday.
"We are seeing more and more of the fuel ships start to go through. The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world. We've seen Indian ships go out now … So that should start ramping up before there are any flotillas or protective armadas in the Gulf. So we think that there will be a natural opening [of the Strait of Hormuz] that the Iranians are letting out," Bessent told CNBC.
Asked if there were any tools the Trump administration would use to mitigate higher prices and impacts from the war outside of oil reserve releases, Bessent told CNBC “it will depend on the duration of the conflict.”
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US President Donald Trump is trying to encourage European allies and partners in the Arab world to join the US in its effort to "open" the Strait of Hormuz, White House Press Secretary Karoline Leavitt said on Monday.
ReplyDelete"The president is speaking with our allies in Europe, and also many of our partners in the Gulf and Arab world to encourage them to step up to do more to open the Strait of Hormuz — and our NATO allies especially need to step up," Leavitt told Fox News.
Trump is calling on US allies to "do the right thing" so that Europe, the Middle East, and the rest of the world are safe, she added.
Great Britain, China, the Republic of Korea, France and Japan have directly or indirectly declined calls by the US administration to ensure the passage of oil tankers through the Strait of Hormuz.
ReplyDeleteIn particular, China and France pointed to the need for a diplomatic settlement of the dispute in the region. Great Britain and Japan unequivocally refused, while South Korea promised to "review the proposal and hold consultations."
The price of futures contracts of Brent crude oil for May 2026 delivery on London’s ICE has lost more than 3%, diving below $100 per barrel, according to trade data.
ReplyDeleteAs of 4:57 p.m. Moscow time (1:57 p.m. GMT) the Brent price was down by 3.17% at $99.87 a barrel. Meanwhile the price of futures contracts of WTI crude oil for May 2026 delivery was down by 5.62% at $93.16 per barrel.
US says it allows Iranian oil tankers to transit Hormuz to maintain global supplies
ReplyDeleteThe US is allowing Iranian oil tankers to transit through the Strait of Hormuz to help maintain global supplies, US Treasury Secretary Scott Bessent says.
Speaking to the CNBC broadcaster, Bessent said: “The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world.”