Oil prices held steady Wednesday, after Treasury Secretary Scott Bessent said the Trump administration will provide support to oil tankers transiting the Persian Gulf and announce more measures in the coming days.
U.S. crude oil rose 12 cents, or 0.16%, to $74.68 per barrel by 9:46 a.m. ET. Global benchmark Brent was up 37 cents, or 0.45%, to $81.77.
WTI crude nearly topped $78 a barrel at its high this week since the U.S. and Israel launched a massive wave of airstrikes against OPEC member Iran over the weekend. Iran has responded with volleys of missile and drone strikes against targets across the Middle East, including energy infrastructure.
U.S. crude jumped 6% on Monday and 5% on Tuesday.
The oil market has calmed after President Donald Trump said Tuesday that the U.S. would insure tankers through the International Development Finance Corporation. Trump also promised naval escorts for oil traffic in the Persian Gulf if necessary.
Oil turned lower as Bessent told CNBC Wednesday that the White House would make a series of announcements to support the oil trade in the Gulf.
“We have a series of announcements that we’re going to be making,” Bessent said on CNBC’s “Squawk Box.” “We began yesterday 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.”
Tanker traffic through the Strait of Hormuz has come to a standstill as ship owners fear they could become a target of Iranian retaliatory strikes. The strait is the most important chokepoint in the world for the oil trade. About 20% of global oil consumption is exported through the strait.