US Treasury Secretary Bessent: There is an ample supply in the oil market

US Treasury Secretary Comments on Oil Supply

During a Monday interview with Fox News, US Treasury Secretary Scott Bessent stated that the global oil market currently has sufficient supply. He also mentioned that any further increases in supply would be beneficial, according to Reuters.

Bessent pointed out that oil availability is growing as more countries reach agreements with Iran. He also indicated that the United States intends to gradually assume control over the Strait of Hormuz.

Impact on Financial Markets

Despite these statements, there was little immediate effect on the markets. As of the latest reports, US stock index futures were up by approximately 0.7% to 0.8%.