US Treasury Secretary Bessent: Oil market is well supplied

In an interview with Fox News on Monday, United States (US) Treasury Secretary Scott Bessent said that the Oil market is well supplied but added that any additional supply will be helpful, per Reuters.

Bessent explained that they are seeing more oil supply as countries cut deals with Iran and noted that the US will take control of the Strait of Hormuz over time.

Market reaction

These comments failed to trigger a significant market reaction. At the time of press, US stock index futures were rising between 0.7% and 0.8%.