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CommoditiesMedium•30 March 2026•

1 min read

Bessent: US Aims to Retake Control of Strait of Hormuz to Secure Global Trade

Infographic of oil tankers and the Strait of Hormuz map with text showing a 9% oil price increase to 104.

Key Facts

1US Treasury Secretary Scott Bessent expressed optimism regarding the reopening of the Strait of Hormuz for cargo ship passage.

2These statements come after the Strait has been closed for 17 days due to regional conflict.

Version History

2 additional sources confirmed this story

US Treasury Secretary Scott Bessent expressed optimism regarding the reopening of the Strait of Hormuz for commercial shipping following a 17-day closure caused by regional conflict. Bessent indicated that the United States intends to retake control of this critical waterway to ensure the resumption of global trade and cargo flows. The Strait of Hormuz serves as a vital chokepoint for global oil supplies, and its prolonged closure has triggered significant concerns across global supply chains. Market analysts suggest that the prospect of reopening the strait could be bearish for Brent and WTI crude prices as geopolitical risk premiums diminish. Conversely, the move is seen as bullish for global markets and shipping companies by easing recent logistical bottlenecks. Investors remain focused on the implementation of these plans to gauge the future stability of energy and commodity markets.