OIL SLIPS ON BESSENT SHIPPING COMMENTS
Despite the turbulence, oil prices, which had been above US$100 a barrel, fell sharply and stocks rallied after US Treasury Secretary Scott Bessent told CNBC the US was “fine” to let some Iranian fuel vessels sail through the strait, and believed Indian and Chinese tankers had also passed through.
Ship-tracking data showed a Pakistan-bound oil tanker had passed through the Strait of Hormuz over the weekend, indicating that some countries are able to negotiate safe passage for their vessels.
On Sunday, Trump had demanded that countries relying heavily on oil from the Gulf should help protect the strait, and said he hoped China, France, Japan, South Korea, Britain and others would participate.
However, many – including Germany, Italy, Greece, Japan and Australia – said they would not send warships.
