Oil market well supplied, control of Hormuz to shift over time, Bessent says

US Treasury Secretary Scott Bessent ⁠said on Monday ⁠that ‌the global ​oil market is well supplied, with more ​boats ⁠traveling through the Strait of Hormuz.

"Over time, ⁠the ‌US is going to retake ‌control ⁠of the Straits and there will ‌be ‌freedom of ‌navigation, whether ‌it is through US escorts or ⁠a ⁠multinational escort," Bessent said in an interview with Fox News.