US Treasury Secretary Bessent: US controls Strait of Hormuz; oil set for weekly surge

Published Aug 20, 10:09 PM UTC

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Oil prices are heading for a substantial weekly gain, driven by escalating US-Iran tensions. US Treasury Secretary Bessent stated that the US controls the Strait of Hormuz and suggested ships could exit via a southern lane, signaling potential disruptions to global oil supply. The article notes that oil has rallied more than 50% in 2026 as the US-Iran war has thrown the Middle East into turmoil. The US strategy appears aimed at throttling Iran's economy through control of key maritime chokepoints.

Source

The Business TimesWestern

Original headline: Oil set for weekly surge as US seeks to throttle Iran’s economy

Original language: EN-US

People and interests

Iran