After the outbreak of the US-Iran war, oil prices fell for the first time: Bassenth promises to escort the Persian Gulf, hinting at more measures to come

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Since the US-Iran conflict, international oil prices fell for the first time, ending the rally of over 11% accumulated gains in the previous two trading days.

According to CNBC reports, on Wednesday local time, US Treasury Secretary Besent stated that the White House will gradually introduce a series of measures to provide support for oil tankers passing through the Persian Gulf. Boosted by this news, market concerns about supply disruptions eased, and oil prices fell. As of press time, WTI crude oil dropped 1.48%, at $73.46 per barrel; Brent crude dropped 1.3%, at $80.34 per barrel.

Previously, the US and Israel launched large-scale air raids on Iran last weekend, and Iran retaliated by striking multiple targets across the Middle East with missiles and drones, including energy infrastructure. Due to this impact, WTI crude oil once approached $78 per barrel this week, soaring 6% and 5% on Monday and Tuesday respectively.

Besent promises series of safeguard measures, market sentiment stabilizes

The immediate catalyst for the pullback in oil prices came from Treasury Secretary Besent's clear statement on CNBC’s "Squawk Box" program on Wednesday. He revealed that the White House will issue a series of announcements to ensure the safety of oil transport in the Persian Gulf, stating:

"We will be making a series of announcements. Yesterday, we already announced that the U.S. International Development Finance Corporation (DFC) will provide insurance for crude oil transport ships and cargo vessels operating near the Persian Gulf last weekend."

This policy signal echoes President Trump's remarks on Tuesday. Trump said the US would provide insurance for oil tankers through the DFC and, when necessary, offer naval escorts for oil shipments in the Persian Gulf. These two statements together helped stabilize market sentiment, resulting in the drop in oil prices.

Stranded Hormuz Strait, global oil market faces a critical test

The core of this round of intense oil price fluctuations centers on the navigational security of the Strait of Hormuz. As the world’s most important oil trade chokepoint, the strait handles about 20% of global oil consumption exports. Because shipowners fear becoming targets of Iranian retaliation, oil tanker traffic through the strait has come to a virtual standstill. If the passage remains blocked for a prolonged period, the impact on global energy supply will be incalculable.

To restore market confidence and resume tanker movement, the US government has taken a dual approach: providing insurance for oil tankers via the US International Development Finance Corporation (DFC), and pledging naval escorts if necessary.

However, Iran’s retaliatory actions continue, and the geopolitical situation remains highly uncertain. While short-term sentiment has been boosted by policy signals, risks of volatility in the oil market are far from over.

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