Tipsheet

Scott Bessent Says Relief Is on the Way As US Forces Begin Assisting Vessels Through the Strait of Hormuz

Dmitri Bolt
Dmitri Bolt  |  May 04, 2026 1:00 PM

Treasury Secretary Scott Bessent said relief is on the way as Americans have faced rising gas prices since the outbreak of the war in Iran. 

He pointed to “Project Freedom,” under which U.S. forces have begun escorting oil tankers and other vessels through the Strait of Hormuz, which would help stabilize oil flows, boost global supply, and put downward pressure on prices. Bessent also said that both OPEC and the United Arab Emirates, which recently left the group, are both expected to increase their oil production.

With those combined factors, Americans should start to see some relief at the gas pumps.

"Help is on the way as of today," the Treasury Secretary said. "The way to think about it is the market, because of the conflict around the Strait, is in deficit about 10 million barrels a day, between 8 and 10 million barrels a day right now.

So every crude carrier that goes through has about 2 million barrels. So 4 or 5 crude carriers a day coming through of the pent-up demand, and we think there are more than 150, 200 crude carriers that can come out. So I think the market is going to be very well supplied.

"The other thing, too, is I am confident on the other side of this, the world is going to be awash in oil," he added. "The UAE has come out of OPEC. They're going to be pumping more. OPEC just announced they're going to be pumping more. And the U.S. has record crew deliveries. We are the number one energy superpower in the world, and we have never delivered so much crude."

This comes just days after the UAE officially left OPEC amid a strained relationship with the group’s leader, Saudi Arabia. The move is expected to boost global oil supply, with the country saying it will begin pumping more oil. 

It also comes a day after President Trump announced the launch of “Project Freedom.”

"For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business," the president wrote on Truth Social. "Again, these are Ships from areas of the World that are not in any way involved with that which is currently taking place in the Middle East. I have told my Representatives to inform them that we will use best efforts to get their Ships and Crews safely out of the Strait. In all cases, they said they will not be returning until the area becomes safe for navigation, and everything else. This process, Project Freedom, will begin Monday morning, Middle East time."

"This is a Humanitarian gesture on behalf of the United States, Middle Eastern Countries but, in particular, the Country of Iran," he added. "Many of these Ships are running low on food, and everything else necessary for largescale crews to stay on board in a healthy and sanitary manner. I think it would go a long way in showing Goodwill on behalf of all of those who have been fighting so strenuously over the last number of months. If, in any way, this Humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully. Thank you for your attention to this matter! "