In a CNBC interview, US Treasury Secretary Scott Bessent offered fresh insight into how Washington is assessing the energy risks stemming from the escalating confrontation involving Iran and the broader Middle East.

Key Quotes

Any actions to address prices depend on duration of war.

It's very likely to assume successful completion of 301.

On the Strait of Hormuz: We believe Chinese ships have gone out

US Treasury Secretary Bessent, on oil supply: The deficit is somewhere between 10 and 14 million barrels

Putin would get even more money if oil spiked to $150

On whether they could intervene in oil markets: Have not done that.