Oil jitters sparked by Iran… U.S. Treasury chief: “We will ensure tanker safety”

As volatility in international oil prices has increased amid the latest Iran-related turmoil in the Middle East, the United States has again underscored its willingness to intervene.

U.S. Treasury Secretary Scott Bessent said in an interview with CNBC on the 4th (local time) that he plans to make “a series of announcements” related to crude oil shipments. “The U.S. government will step in,” Bessent said, adding that “if deemed appropriate and necessary, the U.S. Navy will ensure the safe passage of oil tankers through the Strait of Hormuz.”

Bessent’s remarks come as concerns over oil market stability have grown in the wake of the Iran situation. Markets are watching the risk that Iran could move to blockade the Strait of Hormuz—one of the world’s key energy trade routes—disrupting crude supplies.

West Texas Intermediate (WTI) has already surged 11% so far this week alone. On Wall Street, some warn that if the Strait of Hormuz were to be blocked for an extended period, oil prices could rise above $100 per barrel.

On this point, Bessent stressed that “crude supply is very ample at the moment.” He added that “this was a well-telegraphed geopolitical event,” noting that “the oil market has already seen considerable volatility over the past two months.”