Gulf nations ready to resume oil shipments if Hormuz reopens

US Treasury Secretary Scott Bessent told reporters on Wednesday that Middle Eastern finance ministers have confirmed their readiness to rapidly resume oil shipments once the Strait of Hormuz is fully reopened. “I’ve been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say that once the Straits are open, they can start pumping again within one week,” Bessent said.

Optimism on gas prices

Bessent noted that the Strait of Hormuz has “not been completely reopened,” but pointed to President Donald Trump’s comment that “he thinks we’re nearing the end.” Bessent added: “So, we will see, and I’m optimistic that during the summer, we will see gas with a $3 in front of it, sooner rather than later.”

Hormuz disruptions continue

The comments come as shipping through the strategic waterway remains severely disrupted following the US-Israeli war on Iran and a US naval blockade imposed after failed weekend talks in Islamabad. About 20% of global oil supply passes through the strait daily, and its closure has driven up energy prices worldwide. Negotiations to extend a two-week ceasefire, set to expire on April 22, continue.