Bessent: Gulf Shipping Relief Could Trigger Quick Oil Price Slide

US Treasury Secretary Scott Bessent told reporters that easing shipping delays in the Gulf could spark a rapid fall in global oil prices. While acknowledging ongoing concerns about the Strait of Hormuz, he stressed that energy markets currently enjoy comfortable supply and that alarm over a prolonged crisis may be exaggerated.

During the White House briefing, Bessent revealed that about two thousand vessels are queued to leave the region, setting the stage for a well-supplied market once passage resumes. He noted that crude prices have already declined roughly ten percent this month, suggesting that producer responses have kept the situation manageable.

The Treasury chief expressed confidence that once the current bottleneck clears, supply will remain robust and prices will adjust downward swiftly. He linked this outlook to recent discussions with major energy producers who have signaled willingness to increase output if needed.

On retail fuel costs, Bessent predicted that pump prices should follow crude lower, providing relief to consumers. He credited the administration’s deregulation agenda and record domestic production with shielding the economy from external energy shocks.

Bessent also framed stable energy markets as essential to containing inflation and supporting growth. Regarding the risk of extended Hormuz disruptions, he said reopening the strait would trigger a surge in tanker traffic, enabling quick delivery to refineries and underscoring the need for unimpeded navigation in ongoing diplomatic efforts.