Bessent Blasts JPMorgan Over ‘Terrible’ Oil-Insurance Analysis

Treasury Secretary Scott Bessent blasted a JPMorgan Chase & Co. report for what he called “terrible” and inaccurate analysis about constraints over a US government lending agency’s ability to offer backup insurance for oil cargoes attempting to exit the Persian Gulf.

In a report Wednesday, JPMorgan analysts including Natasha Kaneva estimated that the Development Finance Corp. had about “roughly $154 billion of remaining headroom” under its current lending cap.

Scott Bessent

Photographer: Aaron Schwartz/Bloomberg

The team also calculated that there was about $352 billion of “maximum insurance coverage that private markets are not presently providing” for vessels in the Gulf. So the DFC’s firepower ...