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An increase in ship traffic through the Strait of Hormuz could help ease pressure on oil prices, Treasury Secretary Scott Bessent suggested Monday, signaling potential relief as markets fret over rising costs.
'Any supply is helpful, and we want to get back to normal,' Bessent told 'Fox & Friends,' referencing the uptick. 'The market is in deficit about 10 to 12 million barrels a day, and we're making up for that deficit.' SCOTT BESSENT CALLS OUT 'TERRIBLE FRAMING' DURING CLASH WITH NBC NEWS HOST ON IRANIAN OIL As more countries strike deals with Iran to keep oil moving, Bessent said the increase in shipments is helping ease supply concerns. On top of movement through the strait, the Trump administration has facilitated a 172-million barrel release from the Strategic Petroleum Reserve as part of a 400-million-barrel coordinated international effort to address energy supply chokeholds. TRUMP’S MIDDLE EAST ENVOY REVEALS WHAT LED TO BREAKDOWN IN IRAN TALKS BEFORE OPERATION EPIC FURY That effort, combined with unsanctioning Russian and Iranian crude already on the water, is said to help mitigate the cost as well. ' no extra money for either one of those regimes,' Bessent clarified, referencing the eased sanctions. 'So the market is well-supplied, and we are seeing more and more ships go through on a daily basis as individual countries cut deals with the Iranian regime, for the time being.' CLICK HERE TO DOWNLOAD THE FOX NEWS APP He added that further relief could be on the horizon as the U.S. moves to secure the key global oil route. 'Over time, the U.S. is going to retake control of the straits, and there will be freedom of navigation, whether it is through U.S. escorts or a multinational escort.'
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