Bessent Says World Can Live Without Iranian Oil as Hormuz Traffic Recovers

U.S. Treasury Secretary Scott Bessent said the world can manage without Iranian oil as shipping traffic through the Strait of Hormuz returned to pre-conflict levels, excluding Iranian shipments.

U.S. Treasury Secretary Scott Bessent said global oil markets can manage without Iranian exports as shipping through the Strait of Hormuz recovers.

“The Strait of Hormuz transit levels are back to pre-conflict levels minus Iranian barrels. The world can live without Iranian oil. Iran cannot live without oil exports,” Bessent wrote in a post on X .

Oil prices fell sharply at one point last week as Iran signaled openness to negotiations with the United States, raising hopes of a diplomatic resolution to the conflict.

Crude prices dropped approximately 7%, reversing some of the gains recorded during October, when Brent crude rose about 15%. U.S. gasoline prices also eased.

The Energy Information Administration's weekly national average for regular gasoline stood at approximately $4.15 per gallon on Nov. 2. AAA's daily national average was slightly higher, at about $4.17.

AAA has warned that crude prices above $100 per barrel could limit further declines in gasoline prices.

Bessent's remarks came amid uncertainty over the possibility of renewed U.S. military action against Iran. Developments in negotiations and the security situation around the Strait of Hormuz remain important factors for global oil supplies, energy prices and consumers.