Bessent says ‘more and more’ ships moving through Strait of Hormuz, could ease oil price pressure

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 [by] about 10 to 12 million barrels a day, and we're making up for that deficit."

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 (SPR) as part of a 400-million-barrel coordinated international effort to address energy supply chokeholds.

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