US Treasury Secretary Scott Bessant signalled that Washington could take additional steps to manage global oil supply and prices, even as tensions with Iran continue, in an interview with the Fox Business Network.
Bessent said the US has so far allowed Iranian oil to continue flowing out of the Gulf and indicated that more flexibility could be on the table. He noted that the US may consider “unsanctioning” Iranian oil currently on water in the coming days, adding that roughly 140 million barrels are involved.
He emphasised that the US is not targeting Iran’s energy infrastructure, but retains multiple levers to influence supply. “There is plenty more the US can do on oil supply,” Bessent said, pointing to the possibility of another release from the Strategic Petroleum Reserve (SPR) to help keep prices in check.
The US treasury secretary also clarified that the department is not intervening in futures markets, instead relying on physical supply measures. He added that markets could be stabilised by creating excess supply, including through oil already in transit.
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On global dynamics, Bessent suggested that countries like Japan may step in to secure supplies from the Gulf and potentially release reserves to support markets. He also noted that US President Donald Trump had postponed a planned China visit to remain in the US during the Iran conflict, and criticised Beijing’s purchases of Iranian oil, saying China was effectively funding a leading sponsor of global terrorism.
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Separately, commenting on trade policy, Bessent said the expectation is that the US tariff regime will remain unchanged. He added that the results of ongoing tariff investigations are likely to be announced in July.
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