"We will make a series of announcements. This began yesterday, when we announced that the US International Development Finance Corporation (DFC) will provide insurance for both oil tankers and cargo ships operating around the Gulf region this weekend", Bessent told CNBC on 4/3.

These remarks come as markets remain uneasy following escalating conflict in the Middle East. The world is increasingly concerned about potential disruptions to oil flows through the Strait of Hormuz – a shipping lane handling about 20% of global crude oil.

An oil tanker passes through the Strait of Hormuz in 12/2018. Photo: *Reuters*

Following Bessent's announcement, US crude oil prices fell for the first time since the Middle East conflict began. WTI is currently down 1,1% to USD 73,7 per barrel. Brent crude decreased 0,7% to USD 80,8.

President Donald Trump stated on 3/3 that the US will provide insurance for oil tankers operating in the Gulf region, aiming to maintain maritime traffic through the Strait of Hormuz. This announcement curbed the rise in world crude oil prices and helped US stock markets narrow their losses by the end of the session.

Mr. Trump said DFC will provide "political risk insurance and guarantees at very reasonable prices" to ensure financial security for Gulf region maritime commerce. "The US government will intervene. If necessary, the US Navy will secure safe passage through the straits for oil tankers", Bessent said.

This week, US WTI crude oil prices rose 11% to USD 74,62 per barrel, bringing the year-to-date gain for 2026 to 30%. Investors are concerned that a widening Middle East conflict could cause prolonged disruptions to oil and gas supplies in the region. Commodity strategists on Wall Street warn that oil prices could exceed USD 100 per barrel if the Strait of Hormuz is closed for an extended period.

Bessent also allayed fears of an energy shock. He affirmed that the oil market is currently well-supplied, despite increasing tensions in the Middle East. "This is a geopolitical event that was anticipated. The crude oil market has been volatile over the past two months and is well-supplied", he said.

Bessent stated US officials remain in contact with energy-producing nations via the International Energy Agency (IEA), highlighting the substantial global strategic oil reserves. He noted the US is in a stronger position compared to the initial Russia - Ukraine conflict phase. Domestic oil and natural gas production has reached record levels, and the US is increasingly solidifying its role as a major exporter of crude oil and liquefied natural gas (LNG).

By Ha Thu (according to *Reuters*, *CNBC*)