U.S. Treasury Secretary Scott Bessent has stated that ‘assistance is coming’ as gasoline costs in the country are gradually approaching $4.50 per gallon.
The pressure at the gas station has intensified in recent months following the conflict in Iran, adding to worries as the struggle over the Strait of Hormuz continues.
Bessent stated that the prices—currently $4.46 per gallon, an increase from $3.17 at this point in 2025—are expected to begin declining.
“Assistance is en route starting today,” Bessent stated.Fox News Monday.
The approach to consider is that the market, due to the conflict near the strait, is experiencing a shortage of approximately ten million barrels per day, ranging between eight and ten million barrels per day at present.
He continued by stating that Trump’s effort to aid US vessels in navigating the strait will contribute to increasing the oil supply.
“So, each crew carrier that passes through carries approximately 2 million barrels, meaning four or five crew carriers a day are moving through due to the accumulated demand, and we believe more than 150, 200 crew carriers could be released,” he stated.
So, I believe the market will have a strong availability.
Bessent also mentioned the United Arab Emirates and OPEC pledging to increase crude oil production.
I am certain that on the other side of this, the world will be flooded with oil. The UAE has left OPEC, and they will increase their production. We are the top energy superpower in the world, and we have never supplied so much crude.
He also claimed the price increase was “a temporary fluctuation,” and other indicators showed the economy is strong under Donald Trump.
“The conflict will come to an end. If we examine the stock market — what does the stock market currently perceive? The stock market is observing this situation. Corporate profits are strong. Employment levels are favorable. And this gasoline-related issue, a temporary deviation, will be resolved within a few weeks or a month,” he stated.
Iran fired four missiles at a US-supported Middle Eastern ally on Monday, destroying a key oil port after the President’s decision to reopen the Strait.
Trump later warned that he would ‘erase Iran from the map’ if US warships and commercial ships keep facing attacks.
Each party has consistently turned down the other’s conditions for a peace agreement, resulting in a diplomatic impasse between Iran and the United States.
Previously, he stated in a post on Truth Social: ‘Iran has made some comments about unrelated countries regarding the Ship Movement, PROJECT FREEDOM, including a South Korean cargo ship.’
Maybe it’s time for South Korea to come and participate in the mission! We have shot down seven small boats, or what they prefer to call ‘fast’ boats. That’s all they have remaining.
Besides the South Korean vessel, no damage has occurred in the Strait at this time. Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of Staff, Dan Caine, will hold a press briefing tomorrow morning.
Trump’s comment follows his announcement last night to deploy American warships to ‘guide’ commercial ships through the Strait of Hormuz, and just hours after the UAE stated Iranstruck one of its oil-related industrial facilities using unmanned aerial vehicles and missiles.
The assault by Iran on the Fujairah Oil Industry Zonecauseda fire erupted, officials stated.
“Fujairah Civil Defence crews quickly reacted to the event and are still working to manage it,” stated the Fujairah media office in a release.
Fujairah hosts a significant port, pipeline, and various oil-related facilities that circumvent the restricted Strait of Hormuz.
The leader posted on social media on Sunday stating they would strive to release vessels trapped in the waterway.
‘For the good of Iran, the Middle East, and the United States, we have informed these nations that we will ensure their vessels navigate safely through these restricted waterways, allowing them to conduct their affairs without hindrance,” Trump stated.
Ending Iran’s control over the strait would reduce global economic worries and take away a key tool of influence from Iran.
However, these initiatives also have the potential to rekindle large-scale conflict, similar to the one that occurred when the US and Israel initially struck Iran on February 28.urging it to shut down the strait.
Logistics firms, along with their insurance providers, are improbable to assume such a risk, considering Iran has attacked vessels in the strait and pledged to continue doing so.
Iran has stated that the new US initiative breaches the delicate truce that has lasted for over three weeks.
The effective shutdown of the strait, located between Iran and Oman, has led to a rise in global fuel costs andrattled the global economy.
The US-backed Joint Maritime Information Center had recommended that vessels traverse the strait within Oman’s territorial waters on Monday, stating that it had established an ‘enhanced security zone.’
jasdooit 
Leave a comment