Bessent sought to calm concerns about a potential energy shock, arguing that oil markets are well supplied even as tensions escalate in the Middle East.

Trump offered assurances that the US will protect the flow of oil in the Middle East during the war in Iran, but experts are still worried about disruptions.

Iranian forces have set fire to a US oil tanker after striking it in the northern Gulf, according to state media. The Islamic Revolutionary Guard Corps warned they would set fire to any vessels attempting to pass through the Strait of Hormuz after claiming “complete control” of the major shipping route on Wednesday.

President Donald Trump said the U.S. Development Finance Corporation would provide political risk insurance to tankers in the Persian Gulf.

Oil futures wavered between gains and losses as the market sought more clarity on the possible duration of the armed conflict in the Persian Gulf and the likelihood U.S. insurance and naval support will get tankers moving through the Strait of Hormuz.

1530 ET – Crude futures post back-to-back gains and settle higher on the week as perception of rising geopolitical risk in Iran and Russia-Ukraine counter prospects of increased Venezuelan supply under U.S. stewardship. The year began largely as 2025 ...

Understanding the oil trade from the strait of Hormuz by country highlights how deeply many major economies rely on this passage.