Scott Bessent Pushes Major Shift on Oil and Gas

Update (Oct 16, 13:41 UTC): According to TradingView, Scott Bessent is advancing a major policy shift regarding oil and gas, adding a fresh dimension to ongoing discussions surrounding energy strategy.

President Trump is set to make two significant energy policy moves this weekend that could shape U.S. fuel costs and oil market dynamics.

U.S. Military Withdrawal

Trump will keep U.S. jets out of Saudi Arabia’s conflict with the Houthis, a decision that follows a rule adopted in September that limits U.S. involvement to Saudi‑only targets. The Houthis have already struck Aramco’s Dhahran headquarters and shut Riyadh’s main airport, prompting Washington to stay out of the fray.

Russian Diesel License

The president has granted Russia a license to export diesel under General License 135, which runs until April 7, 2027. The first tranche of 40,000 tonnes of ultra‑low‑sulfur diesel was loaded at Primorsk on October 13 and is bound for Morocco. The license covers up to 13.5 million barrels in total, with the first shipment covering less than a day of U.S. transport fuel use.

Geopolitical Stakes

The dual decisions aim to lower U.S. pump prices before the November election. They also leave the U.S. exposed to heightened risk in the Gulf, as the Houthis can still target Saudi infrastructure and Iran remains a strategic counterbalance. Meanwhile, the diesel carve‑out could affect global supply chains and the price of Brent, which sits above $100 a barrel.

Key facts

• Trump will keep U.S. jets out of Saudi Arabia’s conflict with the Houthis.
• Russia granted a diesel license covering up to 13.5 million barrels.
• First tranche covers less than a day of U.S. transport fuel use.
• Houthis have struck Aramco’s Dhahran headquarters and shut Riyadh’s airport.
• The license expires April 7, 2027.