off-the-wire

Oil market well supplied, control of Hormuz to shift over time, Bessent says

Kitco Media
By Reuters
Published:
Updated:
Reuters
Oil market well supplied, control of Hormuz to shift over time, Bessent says teaser image

WASHINGTON, March 30 (Reuters) - U.S. ‌Treasury Secretary Scott Bessent said on Monday ​that the ​global oil market is ⁠well supplied, with ​more boats traveling ​through the Strait of Hormuz.

"Over time, the U.S. ​is going to ​retake control of the ‌Straits ⁠and there will be freedom of navigation, whether it ​is through ​U.S. ⁠escorts or a multinational ​escort," Bessent said ​in ⁠an interview with Fox News Channel's "Fox & ⁠Friends."

Reporting ​by David ​Lawder, Susan Heavey, Doina ​Chiacu; Editing by David Ljunggren

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