【Iran Crisis】Bessent: Will implement a series of measures to stabilize Persian Gulf oil transportation; Navy will escort oil tankers when necessary

U.S. Treasury Secretary Janet Yellen stated that despite the increasing tensions in the Middle East, oil supplies remain sufficient. The U.S. government will implement a series of measures to stabilize Persian Gulf oil transportation, including providing insurance for crude oil and cargo ships operating through the Strait of Hormuz.

Officials are maintaining communication with energy-producing countries through the International Energy Agency.

She said that given the geopolitical tensions threatening one of the world’s most critical energy corridors—the Strait of Hormuz—the U.S. government is prepared to intervene. She announced that a series of measures will be released. On Tuesday (the 3rd), it was announced that the U.S. International Development Finance Corporation (DFC) will provide insurance for crude oil and cargo ships operating in the Gulf region.

Additionally, she mentioned that the U.S. government will intervene if necessary, with the U.S. Navy providing safe passage for oil tankers through the strait when appropriate.

Yellen openly stated that this is an anticipated geopolitical event, noting that crude oil markets have experienced significant volatility over the past two months, but oil supplies remain very ample. She also emphasized that officials are maintaining contact with energy-producing countries through the International Energy Agency and pointed out that the world holds large strategic oil reserves. She even indicated that the current situation for the U.S. is much better than at the beginning of the Ukraine war.

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