Bessent Backs Financial Support for Oil-Rich U.A.E.

Treasury Secretary Scott Bessent said on Wednesday that he backed the idea of providing economic support in the form of a currency swap to the United Arab Emirates, an oil-rich ally that has been contending with economic fallout from the war in Iran. Speaking at a Senate hearing, Mr. Bessent said that the Emirates, along with several other countries in the Persian Gulf and Asia, had inquired about the possibility of a swap. He said such a maneuver would prevent the disorderly sale of U.S. assets as nations look to secure access to dollars. The war in Iran has damaged...