Bessent says oil prices could fall quickly after Hormuz deal with Iran

What happened

Middle East Eye reports that US Treasury Secretary Scott Bessent stated oil prices could fall quickly if an agreement is reached with Iran to reopen the Strait of Hormuz. According to Bessent, many ships are currently waiting to exit the Gulf, and reopening the waterway would ease supply constraints in the oil market.

Outside Brief is treating this as a source-led account. Any disputed responsibility, casualty figure or battlefield claim should be read as unconfirmed/hearsay unless confirmed by another reliable source. Bessent highlighted that once the Strait of Hormuz is reopened through an agreement between the US and Iran, the oil market would be well supplied, which in turn could lead to a rapid decline in oil prices. He also noted that the UAE’s recent exit from OPEC could contribute further to easing oil prices.

The Strait of Hormuz is a strategically vital maritime passage for global energy exports, particularly for oil shipments from the Gulf region. Disruptions here have previously led to spikes in global oil prices and heightened regional tensions, so progress toward reopening it would have substantial economic and geopolitical implications.

Known from the source

• Scott Bessent is US Treasury Secretary.
• Bessent said oil prices could drop rapidly after an agreement with Iran to reopen the Strait of Hormuz.
• Many ships are currently waiting to leave the Gulf, according to Bessent.
• Bessent mentioned the UAE's departure from OPEC as a factor that could ease oil prices.

What remains unclear

At this stage, the claim remains a statement by a US official and lacks independent verification in the supplied source. There is no confirmation of an actual deal with Iran or details on the timeline or terms. The report also does not provide insight into Iran’s position or response regarding the reopening of the strait.

What remains unclear: Is there an official or independently verified agreement between the US and Iran to reopen the Strait of Hormuz?. Has Iran or the US government officially confirmed any progress or timeline on reopening the Strait?. Are there third-party assessments verifying the current number of ships waiting to exit the Gulf?. Confirm correct job title and spelling of Scott Bessent.

Evidence note

Outside Brief has kept this brief source-led and attributed. Claims should be read alongside the original source linked below.

Original source: Middle East Eye. Open the source.