U.S. crude oil retreats for the first session since Iran war began as Bessent pledges support

Core Viewpoint - Oil prices experienced a decline for the first time since the U.S. initiated military actions against Iran, influenced by the announcement of support for oil tankers in the Persian Gulf by the Trump administration [1][3]. Group 1: Oil Price Movements - U.S. crude oil prices fell by 82 cents, or 1.1%, to $73.74 per barrel, while global benchmark Brent decreased by 57 cents, or 0.7%, to $80.83 [1]. - WTI crude prices nearly reached $78 per barrel earlier in the week, following significant airstrikes against Iran, which led to a 6% increase on Monday and a 5% increase on Tuesday [2]. Group 2: Government Actions and Announcements - President Trump announced that the U.S. would provide insurance for oil tankers through the International Development Finance Corporation and promised naval escorts if necessary [3]. - Treasury Secretary Scott Bessent indicated that further announcements would be made to support oil trade in the Gulf, starting with the insurance provision for crude carriers and cargo ships [4].