Treasury Secretary Scott Bessent said Monday he is confident the global energy markets will soon stabilize, citing President Donald Trump’s latest operation to divest the Strait of Hormuz of Iranian influence, among other initiatives. 

Bessent said Trump’s Project Freedom operation in the strategic waterway, which launched on Monday, alongside the United Arab Emirates’ decision to leave OPEC, will help the world be “awash in oil.” As part of Project Freedom, the United States is escorting oil tankers and other vessels through the Strait of Hormuz with 15,000 personnel, guided-missile destroyers, and more than 100 aircraft. Two commercial vessels have thus far safely transited the Strait of Hormuz as part of Project Freedom, according to the U.S.