Washington, May 29: U.S. Treasury Secretary Scott Besant has revealed that approximately 2,000 ships are currently waiting to exit the Gulf due to escalating tensions around the Strait of Hormuz.
This disclosure from a senior member of the Trump administration highlights the significant congestion affecting this crucial maritime route, which typically facilitates a large portion of the world’s oil and liquefied natural gas (LNG) shipments.
Speaking to reporters at the White House, Besant stated that nearly 2,000 vessels are in a holding pattern, but he expressed confidence that once shipping resumes normal operations, global markets will manage the situation effectively.
“I believe that after this, the oil supply will be quite robust, and prices could drop rapidly,” he noted.
The Strait of Hormuz has become a focal point in ongoing discussions between the Trump administration and Iran. Besant emphasized that restoring uninterrupted maritime traffic is one of America’s top priorities.
He insisted that shipping through the Strait of Hormuz must be completely open, underscoring the necessity for safe and free passage at sea.
The backlog of ships has surged at a time when governments and companies worldwide are closely monitoring the potential long-term impacts on energy supply and trade.
Besant reassured that the market remains strong, and as conditions improve, a significant number of vessels could depart simultaneously. “Once this route opens, we will see a large wave of ships leaving,” he stated.
The Treasury Secretary also conveyed that despite the delays, the U.S. government believes the energy market currently has sufficient supply. He pointed out that oil prices have decreased in May, noting a decline of nearly ten percent during the month.
Besant’s remarks aimed to reassure market players concerned that prolonged disruptions in Gulf shipping could lead to rising oil prices and inflation.
The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, making it one of the world’s most vital maritime corridors. A significant portion of energy exports from Saudi Arabia, Iraq, Kuwait, the United Arab Emirates, and other Gulf nations relies on this route.
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