(March 30): US Treasury Secretary Scott Bessent indicated optimism about a reopening of the Strait of Hormuz for passage of cargo ships and said the administration is steadily moving to address the shortage of global oil supplies. Bessent said the global oil market is “in deficit about 10 to 12 million barrels a day, and we are making up for that deficit”. The International Energy Agency’s coordinated release of strategic reserves amounts to about four million barrels a day towards that deficit, he said. The Treasury chief also pointed to the Trump adminstration’s move to unsanction Russian and Iranian oil “that was already on the water”. With regard to the Red Sea, Bessent indicated that “they have been pretty quiet so far, and I would expect them to likely remain that way”.

Source: The Edge Markets March 30, 2026 13:32 UTC