The waterway, which typically serves as a major shipping route for 20 percent of the global oil supply, has effectively been closed amid the war in Iran.
He also said the global oil market faces a deficit of about 10 to 12 million barrels per day, but maintained it remains “well supplied” despite the Iran conflict. The International Energy Agency’s coordinated release of strategic reserves contributes approximately 4 million barrels daily toward filling that gap, according to Bessent.
President Donald Trump previously gave Iran a 48-hour ultimatum to fully reopen the strait and threatened to strike Iran’s power plants. But Trump later expanded the timeline, citing ongoing negotiations.
Reuters contributed to this report.
This is a developing story. Please check back for updates.
