WASHINGTON: US Treasury Secretary Scott Bessent said on Saturday that the world could manage without Iranian oil. Brent crude later fell 1% to $103.60 a barrel on Tuesday from $104.77 on Monday.
Writing on X, Bessent claimed oil traffic through the Strait of Hormuz had returned to pre-conflict levels, excluding Iranian shipments. “The world can live without Iranian oil,” he wrote.
Bessent argued that Tehran, by contrast, remained dependent on oil exports. His comments followed a series of Treasury measures targeting Iran’s energy revenues.
On October 28, he claimed US pressure had restricted Iran’s access to dollars and reduced funding for its regional allies. Meanwhile, oil prices dropped more than 7% on Monday as talks involving Iranian and Qatari officials raised hopes for a diplomatic settlement.
However, fresh US military action complicated the outlook. Three US officials told CBS News that American forces struck Iranian targets on Qeshm Island on Monday.
They described the operation as defensive and linked it to Iranian attacks on US aircraft and threats to shipping. Iranian Deputy Foreign Minister Kazem Gharibabadi responded on Tuesday, asserting Tehran’s right to defend itself against further attacks.
Read: Oil Prices Fall as US-Iran Peace Hopes Ease Supply Fears
President Donald Trump subsequently told the Financial Times that Washington had no immediate plans for additional strikes.
Earlier, US Secretary of State Marco Rubio said Trump had not decided whether to authorise further military operations against Iran. Despite the renewed tensions, American petrol prices eased.
Read: US Dollar Index Falls 0.6% to One-Month Low After Vote
The US Energy Information Administration recorded an average regular petrol price of $4.15 per gallon on Monday, down about $0.12 from the previous week.
However, AAA warned that crude prices above $100 per barrel continued to limit further reductions at the pump.
With additional input from 24/7 Wall St. and Reuters
