Bessent says oil prices could fall quickly after Hormuz deal

US Treasury Secretary Scott Bessent says oil prices could drop rapidly once an agreement is reached with Iran to reopen the Strait of Hormuz.

Speaking to reporters, Bessent said many ships are currently waiting to “come out of the gulf”.

“Once we have an agreement between the US and Iran to open the Strait of Hormuz, I think the oil market is going to be very well supplied on the other side,” he said.

“We could see prices come down very quickly,” Bessent added, also pointing to the UAE’s departure from Opec as another factor that could ease prices.