Scott Bessent, former Secretary of the Treasury Department, has refuted a rumor that the US Treasury Department is preparing to intervene in oil futures to counter rising prices. Despite speculation that the government might step in to cool prices by trading futures, he dismissed these rumors. Bessents stated that Treasury is not intervening in oil markets and that he is unsure if the department has legal authority to do so. He also stated that the U.S. government is prepared to keep tankers moving through the Persian Gulf and the Strait of Hormuz, with the US Navy ready to ensure secure passage if needed. BESSent also mentioned that the Development Finance Corporation will provide political risk insurance and guarantees to protect oil and cargo shipments in the region. Despite this, oil prices have fallen nearly 2% to just under 97 dollars a barrel after Bessant's comments, a move Intellectia.ai suggested that this move shows a market stepping back from the idea of aggressive US intervention. The move comes directly in the real oil world of ships, sanctions, and stockpiles, not in the trading pits.