Treasury Secretary Bessent says U.S. will make 'series of announcements' to support oil trade in the Gulf [View all]
Source: CNBC
Published Wed, Mar 4 2026 7:22 AM EST Updated 2 Min Ago
Treasury Secretary Scott Bessent said Wednesday Washington will roll out a series of measures aimed at stabilizing oil shipments through the Persian Gulf, signaling that the government is prepared to step in as geopolitical tensions threaten one of the world’s most critical energy corridors.
“We have a series of announcements that we’re going to be making,” Bessent said on CNBC’s “Squawk Box.” “We began yesterday with with the announcement that DFC will provide the insurance for both the crude carriers and the cargo ships operating in around the Gulf over the weekend.”
His comments come as markets remain on edge following escalating conflict involving Iran, which has heightened fears of disruptions to oil flows through the Strait of Hormuz, a narrow waterway that handles roughly a fifth of global crude shipments.
President Donald Trump said Tuesday the U.S. would provide insurance to tankers operating in the Persian Gulf to keep maritime traffic moving through the strait, helping oil prices retreat from intraday highs and stocks rebound from session lows. Trump said the U.S. Development Finance Corporation will “provide, at a very reasonable price, political risk insurance and guarantees” for the financial security of all maritime trade through the Gulf.
Read more: https://www.cnbc.com/2026/03/04/treasury-secretary-bessent-says-us-will-make-series-of-announcements-to-support-oil-trade-in-the-gulf.html
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