economy
March 4, 2026
U.S. crude oil surge eases after Bessent pledges support for tankers during Iran war
The oil market has calmed after President Donald Trump said the U.S. would insure tankers and provide naval escorts if necessary.
TL;DR
- Oil prices stabilized Wednesday after U.S. government pledges of support for tankers.
- U.S. crude oil closed at $74.66 per barrel, and Brent at $81.37.
- Prices had surged earlier in the week following airstrikes against Iran and subsequent Iranian retaliatory actions.
- President Trump announced the U.S. would insure tankers through the International Development Finance Corporation and provide naval escorts if needed.
- Treasury Secretary Scott Bessent confirmed a series of upcoming announcements to support oil trade in the Gulf.
- Tanker traffic through the Strait of Hormuz had stopped due to fears of becoming targets.
- The Strait of Hormuz is a critical chokepoint for global oil trade, with about 20% of global oil consumption exported through it.
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