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US Treasury Secretary Bessent says US is opening up the strait, we have absolute control of the strait

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US Treasury Secretary Bessent says US is opening up the strait, we have absolute control of the strait

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  • Iranians do not have control of the strait.
  • Project freedom was not done in coordination with Iran.
  • If Iranians want to escalate, we are willing to do so.
  • US is firing only when fired upon.
  • It is a good time for US partners to step up and pressure Iran.
  • Think market will be very well supplied.
  • Every carrier through Hormuz has about 2mln bbls.
  • World in a 8-10mln bbl oil deficit.

China

  • Trump and Xi have discussed Iran in their phone calls.
  • China has been buying 90% of Iranian energy.
  • Urges China to join us in Hormuz operation.
  • Lets see China step up diplomacy on Iran.
  • Aims to keep US-China relationship stable.
  • Summit next week is a chance for Trump-Xi to share views, push forward consensus from agreement last year in South Korea. 
Context

Treasury Secretary's comments signal a firm stance on maintaining control over the Strait of Hormuz amidst tensions with Iran, hinting at a readiness to escalate if necessary. This could lead to increased volatility in energy markets, particularly oil, as any military engagement could disrupt supply, thereby pushing prices higher. Additionally, the call for China to collaborate suggests potential shifts in geopolitical alliances impacting trade dynamics and market sentiment.

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