US says Middle Eastern nations ready to resume oil shipments if Strait of Hormuz reopens

US Treasury Secretary Scott Bessent said Wednesday that Middle Eastern finance ministers have indicated they could rapidly restart oil flows once the Strait of Hormuz fully reopens.

“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 told reporters.

Bessent said the Strait of Hormuz has “not been completely reopened,” and that President Donald Trump said Wednesday “that he thinks we’re nearing the end.”

“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,” he said.