Introduces Treasury Secretary Scott Bessent and asks about his role in the Iran conflict effort.
Joe
Scott Bessent
Confirms extensive planning for the Iran event and reports successful military execution with US-Israeli control of Iranian skies.
Notes intersections between military action, Trump's goals, and Treasury/Energy control, specifically mentioning Strait of Hormuz, oil prices, and surprisingly strong stock market performance.
Joe
Scott Bessent
States the Iran conflict was a well-telegraphed event, the crude market had already moved substantially, and Monday's price move wasn't significant. Encourages looking through noise.
Scott Bessent
Announces US government will provide insurance for crude carriers and cargo ships in the Gulf after Lloyd's of London nullified coverage, and the US Navy will provide safe passage if needed.
Acknowledges US is now a major producer and well-supplied, but asks if tapping the Strategic Petroleum Reserve (SPR) is being considered, referencing past use for high prices.
Joe
Scott Bessent
Believes the market is very well supplied, is in contact with other countries via IEA, and highlights the large global SPR. Emphasizes US energy dominance under Trump, with record production and LNG exports, making this situation very different from the Russia-Ukraine war.
Asks for practical details on the shipping insurance plan and when the Navy would step in, noting tankers are currently stalled.
Becky
Scott Bessent
Says the DFC had a contingency plan ready and will contact ship owners and brokers in coming days. Adds that the Iranian Navy is substantially degraded, with US having naval and air dominance.