Scott Bessent hints at major Strait of Hormuz move that may lower oil prices

WASHINGTON, DC: Treasury Secretary Scott Bessent sparked fresh buzz around the global oil crisis after making bold comments about the Strait of Hormuz during TV interviews on Monday, May 4. His remarks came as Americans continue feeling the pressure of rising gas prices tied to the ongoing Iran conflict.

The Strait of Hormuz, a narrow waterway near Oman, handles nearly one-fifth of the world’s oil supply.

Since the war involving Iran began on February 28, disruptions in the region have pushed oil prices sharply higher and reignited fears about inflation.

Scott Bessent says Iranian ships are already moving

During an interview with CNBC, Bessent claimed that Iranian oil ships had already started moving again.

“The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world,” he said.

He later appeared on Fox News and said the US has “absolute control” over the Strait of Hormuz. Bessent also accused China of helping fund Iran through energy purchases.

His comments suggested the administration may be quietly trying to ease pressure on global oil supplies before prices climb even further.

Markets are still not fully convinced

Despite Bessent’s optimism, oil markets barely reacted. Brent crude stayed around $108 a barrel, showing that traders still believe the situation remains unstable.

Shipping experts also warned that reopening oil routes is not as simple as a single country making an announcement.

“It takes both sides to unblock, not just one,” Anglo-Eastern CEO Bjørn Højgaard said.

The numbers are huge. Analysts estimate the closure disrupted roughly 14.5 million barrels of oil per day, making it one of the biggest supply shocks in recent years.

Experts believe prices could stay high

Several major banks are still predicting expensive oil for the rest of the year.

Forecasts from Morgan Stanley, Goldman Sachs and Barclays all suggest prices may remain well above January levels.

Another concern is how slowly ships are actually moving through the region.

Reports tied to Project Freedom, the Navy escort effort backed by Bessent, show only two US-flagged merchant ships have reportedly exited the Strait so far.

That gap between Bessent’s confidence and the market’s reaction is becoming the real story.

ING commodities strategist Warren Patterson summed it up as: “The lack of progress means the market is tightening every day.”