Bessent Says Countries Aiding Hormuz Transit Fees Will Face Sanctions

U.S. Treasury Secretary Scott Bessent warned that countries cooperating with efforts to impose transit fees in the Strait of Hormuz will face sanctions. Markets are closely watching Middle East shipping routes and volatility in global oil prices.

Walter Bloomberg reported on May 28 that Bessent said, "All partners cooperating with the imposition of transit fees in the Strait of Hormuz will face consequences."

Iran has recently been using authority over vessels transiting the Strait of Hormuz and broader passage management issues as leverage in negotiations. The U.S. has demanded that the strait remain fully open and that freedom of navigation be guaranteed.

The U.S. Navy previously said it was providing limited support for some commercial vessels passing through the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps also said 25 commercial ships transited the strait in the past 24 hours with Iranian approval.

Markets are assessing whether the outcome of U.S.-Iran talks and traffic conditions in the Strait of Hormuz could become key drivers for global financial markets, including oil prices and dollar flows.