Treasury Secretary Announces Support for Gulf Oil Trade

Bessent says U.S. will make 'series of announcements' to stabilize shipments through the Persian Gulf.

Published on Mar. 4, 2026

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Treasury Secretary Scott Bessent said Wednesday that the U.S. government will roll out a series of measures aimed at stabilizing oil shipments through the Persian Gulf, signaling that the administration is prepared to step in as geopolitical tensions threaten one of the world's most critical energy corridors.

Why it matters

The Strait of Hormuz, a narrow waterway in the Persian Gulf, handles roughly a fifth of global crude shipments, making it a critical chokepoint for global energy markets. Escalating conflicts involving Iran have heightened fears of potential disruptions to oil flows through the strait, prompting the U.S. government to intervene.

The details

Bessent said the U.S. will begin by announcing that the Development Finance Corporation (DFC) will provide insurance for both crude carriers and cargo ships operating in and around the Gulf over the weekend. This move is intended to help stabilize oil shipments and mitigate the impact of geopolitical tensions on global energy markets.

  • On Wednesday, March 4, 2026, Bessent made the announcement on CNBC's 'Squawk Box'.
  • The DFC will begin providing insurance for ships operating in the Gulf over the upcoming weekend.

The players

Scott Bessent

The current United States Treasury Secretary, appointed in 2025.

Development Finance Corporation (DFC)

A U.S. government agency that provides financing and insurance for private sector development projects in emerging markets.

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What they’re saying

“We have a series of announcements that we're going to be making. We began yesterday with with the announcement that DFC will provide the insurance for both the crude carriers and the cargo ships operating in around the Gulf over the weekend.”

— Scott Bessent, U.S. Treasury Secretary (CNBC)

What’s next

The U.S. government is expected to make additional announcements in the coming days and weeks to further support oil trade in the Gulf region and mitigate the impact of geopolitical tensions.

The takeaway

The U.S. government's intervention to provide insurance for ships operating in the Persian Gulf is a clear signal of its commitment to maintaining the stability of global energy markets in the face of escalating regional conflicts that threaten the flow of oil through this critical chokepoint.