Us Treasury Secretary Yellen: Crude Oil Supply Is Ample, To Contact Shipowners On Insurance Issues In Coming Days

U.S. Treasury Secretary Becerra said on Wednesday that Washington will introduce a series of measures to stabilize oil transportation in the Persian Gulf.

Bentsen told CNBC that the U.S. International Development Finance Corporation (DFC) will provide insurance for oil tankers and cargo ships operating in the Gulf region, with the relevant arrangements announced to be launched on Tuesday. He added that,The United States will remain in contact with shipowners in the coming days and will introduce additional measures subsequently.

The above statement comes amid heightened market vigilance over the potential risk of disruption in the Strait of Hormuz. This narrow waterway carries approximately one-fifth of the world's crude oil exports, and escalating tensions in Iran have continued to weigh on energy market sentiment.

Despite rising geopolitical risks, Baisent remains relatively optimistic about the current fundamentals of the crude oil market.

He stated,The crude oil market is well supplied, and a large quantity of crude oil has already been shipped away from the Gulf region.This judgment suggests that even if there are short-term disruptions in the Strait of Hormuz, existing inventories and supply arrangements may provide some buffer for the market.

In the same interview, Bethent also commented on progress in trade policy.

When asked when the U.S. would formally implement a 15% global tariff rate, he said "possibly sometime this week," providing a clearer expectation for when the policy would take effect.