In an interview with Fox News on Monday, US Treasury Secretary Scott Bessent said that the US is opening up the Strait of Hormuz and added that they have "absolute control" of it, per Reuters.

Key takeaways

"Iranians do not have control of the strait."

"US is firing only when fired upon."

"Now would be good time for international partners to step up pressure on Iran."

"I think market will be very well supplied."

"Aware gas prices affecting Americans but expecting prices to come down quickly when conflict ends."

Market reaction

The US Dollar (USD) Index showed no immediate reaction to these comments and was last seen rising 0.12% on the day at 98.32.