US Edition
Treasury Secretary Bessent says U.S. will make ‘series of announcements’ to support oil trade in the Gulf
The US will provide government-backed insurance guarantees to support Gulf oil shipping amid near halt in Strait of Hormuz traffic, where daily vessel crossings fell from 135 to single digits.
- On Wednesday, Treasury Secretary Scott Bessent said the US will soon make a series of announcements to bring order to oil shipping in the Gulf and will contact ship owners and insurance brokers about government-backed guarantees authorized by President Donald Trump on Tuesday.
- Following strikes on Iran, shipping has nearly halted as S&P Global Commodities at Sea showed February averaged 135 daily transits, but this week crossings plunged to single digits.
- Normally the route carries roughly 15 million barrels daily and averaged 135 vessel transits in February; analysts project production losses up to 5 million barrels by day eighteen as Iraq and Kuwait near storage capacity.
- Market forecasts show Brent crude has risen 12% to $81.40 since Saturday, with Wall Street warning impacts will likely persist for months.
- Help may be days away, with tanker owners and crews seeking short-term work taxiing cargo or acting as floating storage, while one Dynacom tanker earned $3.75 million between Jubail and Ras Tanura.
11 Articles
11 Articles
Blockaded Gulf Oil Stockpiles Turbocharge Crude Prices
The world’s energy artery has developed a lethal clot. Help is apparently on the way, but it could be days or more before it arrives. Treasury Secretary Scott Bessent said Wednesday that the US government will soon make a “series of announcements” meant to bring order to oil shipping in the Gulf, where traffic has come to a near standstill since the US and Israel struck Iran, prompting Tehran to threaten attacks on any ship that tries to pass th…
Bessent downplays Iran attacks: ‘The region is not on fire’
Treasury Secretary Scott Bessent joined others in the Trump administration in decrying “fantastical media accounts” about Iranian counterstrikes on Wednesday morning. “The region is not on fire,” Bessent told CNBC. The secretary was responding to a question about the stabilization of the Israeli…
US Treasury Secretary Bessent says oil market well supplied amid Iran war
U.S. Treasury Secretary Scott Bessent said on Wednesday that crude oil markets are well supplied amid the U.S.-Israeli war in Iran, and that the U.S. plans to make a series of additional announcements on the issue.
U.S. Treasury Secretary Assures Stable Oil Markets Amid Middle East Tensions
U.S. Treasury Secretary Scott Bessent assures that crude oil markets remain well supplied despite the U.S.-Israeli conflict in Iran. The U.S. plans to make further announcements, and the U.S. Navy might provide escort for vessels through the Strait of Hormuz. Oil prices rose 1% amid tensions.
Coverage Details
Bias Distribution
- 86% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
