Washington: Nearly 2,000 vessels are waiting to leave the Gulf amid disruptions linked to tensions around the Strait of Hormuz, US Treasury Secretary Scott Bessent said.
The disclosure by a top Trump’s Cabinet member offers a rare glimpse into the scale of the shipping backlog that has developed around the strategic waterway, through which a significant portion of the world’s oil and liquefied natural gas exports normally pass.
“There are almost 2,000 ships waiting to come out of the gulf,” Bessent told reporters during a White House briefing.
Despite the congestion, he expressed confidence that global markets would be able to absorb the disruption once shipping resumes.
“I think the oil market’s going to be very well supplied on the other side of this, and that we could see prices come down very quickly,” he said.
The Strait of Hormuz has become a central issue in the Trump administration’s ongoing discussions with Iran, with Bessent repeatedly stressing that restoring freedom of navigation is one of Washington’s key objectives.
“The Strait of Hormuz has to free transit. Navigation of the seas has to be free and open as it was before,” he said.
The shipping bottleneck comes at a time when governments and businesses worldwide are watching closely for signs of prolonged disruption to energy supplies and commercial trade.
Bessent argued that the market remains resilient and suggested that a surge in shipments could follow once restrictions ease.
“As the strait opens up, we’re going to see this burst of ships come out,” he said.
“We may actually see how quickly can it be refined, how quickly can it get to its destination.”
The Treasury Secretary said the administration believes energy markets remain adequately supplied despite the delays and noted that oil prices had fallen during May.
“What we’ve seen is actually oil prices are down about 10 per cent in May,” he said.
The comments appeared aimed at reassuring markets concerned that a prolonged disruption in Gulf shipping could trigger a fresh spike in energy prices and inflation.
The Strait of Hormuz connects the Persian Gulf to the Gulf of Oman and the Arabian Sea and is widely regarded as one of the world’s most critical maritime chokepoints. Energy exports from Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and other Gulf producers rely heavily on the route.
For India, the implications extend beyond oil. The Gulf region is a major trading partner and an important source of energy imports, fertilisers and petrochemicals. Any prolonged disruption to shipping through the Strait of Hormuz can affect freight costs, supply chains and energy security across South Asia, making developments in the waterway a matter of close strategic and economic interest.
(IANS)
