Investing.com -- Treasury Secretary Scott Bessent said Monday that the administration expects the Strait of Hormuz to reopen for cargo ship passage, with the U.S. working to address the global oil supply shortage.

"Over time, the US is going to retake control of the straits, and there will be freedom of navigation — whether it is through US escorts or a multinational escort," Bessent said in a Fox News interview Monday.

Bessent said the global oil market faces a deficit of about 10 to 12 million barrels per day, which the administration is working to address. The International Energy Agency's coordinated release of strategic reserves contributes approximately 4 million barrels daily toward filling that gap, he said.

The Treasury chief referenced the Trump administration's decision to unsanction Russian and Iranian oil "that was already on the water." He said this move did not provide additional funds to either country, stating there was "no extra money for either one of those regimes."

Regarding potential supply disruptions through the Red Sea from the Iranian-backed Houthi militant group, Bessent said, "The Houthis have been very quiet so far."

While Houthis launched ballistic missiles at Israel on Saturday, Bessent said the attack "was Israel specific." He said the group has "been pretty quiet so far" regarding the Red Sea and indicated he expects them to "likely remain that way."