{"id":2598475,"date":"2026-05-04T11:41:02","date_gmt":"2026-05-04T15:41:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bessent-optismistic-oil-prices-will-come-down-with-project-freedom\/"},"modified":"2026-05-04T11:42:28","modified_gmt":"2026-05-04T15:42:28","slug":"bessent-optismistic-oil-prices-will-come-down-with-project-freedom","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bessent-optismistic-oil-prices-will-come-down-with-project-freedom\/","title":{"rendered":"Bessent optismistic oil prices will come down with Project Freedom"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbessent-optismistic-oil-prices-will-come-down-with-project-freedom%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2598475&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary Scott Bessent said he expects <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-begs-oil-industry-to-lower-prices-as-energy-crisis-looms-report\/\" title=\"Biden Begs ... Industry To Lower Prices As Energy Crisis Looms: REPORT\">global energy markets<\/a> to stabilize, arguing that President Donald trump\u2019s efforts to reduce Iran\u2019s influence in the strait of Hormuz-along with other policy shifts-will increase supply. He pointed to \u201cProject Freedom,\u201d launched Monday, in which the U.S. is escorting tankers through the strait with large assets and personnel, and it has already seen some vessels transit safely. Bessent also linked his optimism to turbulence at OPEC, especially the UAE\u2019s decision to leave OPEC and pump more, which he said weakens the cartel\u2019s control over prices.<\/p>\n<p>He acknowledged tension and reported incidents in the area, including Iran firing on or attacking vessels associated with Project Freedom (though the U.S. denied one claim) and additional drone\/explosion reports from the UAE and South Korea. Still, he argued that Iran lacks effective control of the strait, described ongoing U.S. pressure as an economic blockade that is harming Iran\u2019s ability to export and finance its forces, and claimed the regime may need to <a href=\"https:\/\/amzn.to\/3YuVZYV\" >scale back production due<\/a> to storage constraints. Bessent concluded that, despite current spikes in Brent crude, the world will end up \u201cawash in oil.\u201d  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<article class=\"fn-body\">\n<p>Treasury Secretary <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/scott-bessent\/\">Scott Bessent<\/a> said Monday he is confident the global energy markets will soon stabilize, citing President <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" type=\"post_tag\" id=\"4\">Donald Trump\u2019s<\/a> latest operation to divest the <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/strait-of-hormuz\/\">Strait of Hormuz<\/a> of Iranian influence, among other initiatives. <\/p>\n<p>Bessent said Trump\u2019s Project Freedom operation in the strategic waterway, which launched on Monday, alongside the United Arab Emirates\u2019 decision to leave OPEC, <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/x.com\/RapidResponse47\/status\/2051290192401604809?s=20\">will help<\/a> the world be \u201cawash in oil.\u201d As part of Project Freedom, the United States is escorting oil tankers and other vessels through the Strait of Hormuz with 15,000 personnel, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-navy-moves-16-warships-near-syria\/\" title=\"Russian Navy Moves 16 Warships Near Syria\">guided-missile destroyers<\/a>, and more than 100 aircraft.\u00a0Two commercial vessels have thus far safely transited the Strait of Hormuz\u00a0as part of Project Freedom, according to the U.S.<\/p>\n<section class=\"explore-more-section\" id=\"wex-recommended-widget\">\n<div class=\"magazine-container single\">\n<h1 class=\"magazine-title mt-2\">Recommended Stories<\/h1>\n<p>             <i class=\"fa-solid fa-play icon\"><\/i>         <\/div>\n<div class=\"explore-grid\">\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/op-eds\/4532483\/congress-energy-dominance-permitting-reform\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Washington talks energy dominance. Without permitting reform, it can\u2019t build<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/energy\/4531747\/europe-fuel-supply-last-six-weeks-iea\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Europe\u2019s fuel supply will only last \u2018maybe six weeks or so,\u2019 IEA says<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/energy\/4525745\/trump-gas-prices-higher-iran-blockade\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Trump says gas prices could be higher by November after Iran blockade<\/h3>\n<p>                         <\/a>                     <\/div>\n<\/p><\/div>\n<\/section>\n<p>\u201c[Iran is] trying to cut off international freedom of navigation through the Strait of Hormuz, and the U.S. is opening that up,\u201d Bessent said during a Fox News interview. \u201cThe market, because of the conflict around the strait, is in deficit, about 10 million barrels a day. \u2026 So, every crew carrier that goes through has about 2 million barrels. So four or five crew carriers a day coming through \u2014 of the pent-up demand, we think there are more than 150, 200 crew carriers that can come out.\u201d<\/p>\n<div class=\"article-paywall\">\n<p>\u201cI think the market is going to be very well supplied,\u201d Bessent continued. \u201cWe are saying the Iranians do not have control of the strait. We have absolute control of the strait.\u201d <\/p>\n<div class=\"infogram-embed\" data-id=\"9f7e7959-0223-42b8-b5f6-3191856ffbff\" data-type=\"interactive\" data-title=\"Crude oil prices since Jan 28\"><\/div>\n<p><script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script>    <\/p>\n<p>Bessent pointed to the upheaval at OPEC as a cause for optimism in the <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/energy\/4507428\/countries-energy-shortages-asian-crisis\/\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-russia-agree-to-drop-oil-prices-to-wipe-out-competition\/\" title=\"OPEC, Russia agree to drop ... prices to wipe out competition\">global energy market<\/a><\/a>. The UAE left OPEC on\u00a0 May 1. The move was significant, as it stripped OPEC of one of its largest producers, weakening the oil cartel\u2019s leverage over the global oil supply and prices, and expanding market access to the UAE\u2019s energy reserves. <\/p>\n<p>\u201cThe UAE has come out of OPEC,\u201d Bessent said this week. \u201cThey\u2019re going to be pumping more. OPEC just announced that they\u2019re going to be pumping more, and the U.S. has record crude deliveries. \u2026 I\u2019m confident on the other side of this, the world\u2019s going to be awash in oil.\u201d<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">.<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/twitter.com\/SecScottBessent?ref_src=twsrc%5Etfw\">@SecScottBessent<\/a>: &#8220;I\u2019m confident on the other side of this the world&#8217;s going to be awash in oil. The UAE has come out of OPEC. They&#8217;re going to be pumping more. OPEC just announced that they&#8217;re going to be pumping more, and the U.S. has record crude deliveries.&#8221; <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/t.co\/cauxiPFCNQ\">pic.twitter.com\/cauxiPFCNQ<\/a><\/p>\n<p>\u2014 Rapid Response 47 (@RapidResponse47) <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/twitter.com\/RapidResponse47\/status\/2051290192401604809?ref_src=twsrc%5Etfw\">May 4, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<p>Iran has vowed to resist Project Freedom. Brent crude oil prices <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/tradingeconomics.com\/commodity\/brent-crude-oil\">briefly spiked<\/a> to above $114 a barrel on Monday, marking a four-year high, after Iran said it fired on a U.S vessel making its way through the Strait of Hormuz as part of the operation. <\/p>\n<p>The U.S. denied the report. But South Korea and the UAE confirmed two other incidents in the passageway on Monday, which signals that Washington\u2019s hopes of opening the waterway are under duress. The UAE said that two Iranian drones attacked its tanker that tried to pass through the Strait of Hormuz. South Korea said it is probing an explosion that happened on a Panama-flagged ship docked in the strait.<\/p>\n<p>Bessent said during a separate interview on Sunday that a U.S. blockade on all vessels <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/defense\/4526916\/why-trump-ordered-blockade-strait-hormuz-iran\/\">entering or departing Iranian ports<\/a> around the Strait of Hormuz has deeply damaged the regime, as it means the country will soon run out of storage space for the oil it is producing and cannot export due to the blockade. Storage is rapidly filling since Trump announced the blockade on April 12, and the regime may have to begin shutting in wells \u201cin the next week,\u201d Bessent said on Fox News\u2019<em>Sunday Morning Futures<\/em>.<\/p>\n<p><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/defense\/4553239\/centcom-denies-iran-claim-damage-us-warship-strait-of-hormuz\/\"><strong>CENTCOM DENIES IRAN CLAIM IT DAMAGED US SHIP IN STRAIT OF HORMUZ<\/strong><\/a><\/p>\n<p>\u201cNo ships are getting through the strait from the Iranian side, and we have upped the pressure on anyone trying to remit money into Iran to help the IRGC [Islamic Revolutionary Guard Corps],\u201d Bessent said. \u201cTheir oil infrastructure is starting to creak\u2026It hasn\u2019t been maintained again because of our decadeslong sanctions against them.\u201d <\/p>\n<p>\u201cWe are running a marathon over the past 12 months, and now we are sprinting toward the finish line,\u201d he added. \u201cThey are not able to pay their soldiers. This is a real economic blockade.\u201d<\/p>\n<\/div>\n<\/article>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Scott Bessent expects global energy markets to stabilize, citing Trump\u2019s Project Freedom and the UAE leaving OPEC<\/p>\n","protected":false},"author":3142,"featured_media":2598478,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/05\/AP26120806367975.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[33651,538],"tags":[70312,41872,52262],"class_list":["post-2598475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","category-washington-examiner","tag-energy-markets","tag-oil-prices","tag-optimism-2"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/05\/AP26120806367975.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2598475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3142"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2598475"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2598475\/revisions"}],"predecessor-version":[{"id":2598483,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2598475\/revisions\/2598483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2598478"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2598475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2598475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2598475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}