 (6).png)
3 hours ago
1
ARTICLE AD BOX
US Treasury Secretary Scott Bessent said the United States Navy may soon escort oil tankers through the Strait of Hormuz as tensions escalate following attacks on shipping and energy infrastructure in the Persian Gulf.
The comments came as global oil prices surged above $100 a barrel and tanker traffic through the key waterway slowed sharply amid fears of further disruptions.
Bessent speaking to Sky News suggested that naval escorts could be introduced once the situation allows.
“My belief that as soon as it is militarily possible, the US Navy, perhaps with an international coalition, will be escorting vessels through,” Bessent said.
Tankers still moving through the strait
Despite the tensions, Bessent noted that some vessels continue to pass through the strategic waterway.
“There are, in fact, tankers coming through now, Iranian tankers, I believe some Chinese flag tankers have come through. So we know that they have not mined the straits,” he said.
The Strait of Hormuz is one of the world’s most critical energy chokepoints, serving as the only maritime entry and exit point for the Persian Gulf.
Oil surges above $100
Iran’s attacks on shipping traffic and energy infrastructure across the Persian Gulf have rattled global markets.
Oil prices climbed above $100 a barrel on Thursday, while stocks declined worldwide as investors reacted to the escalating geopolitical risk.
Tanker traffic through the strait has slowed significantly, with ship owners increasingly reluctant to move vessels through the region due to fears of further attacks.
Strategic reserves released
In response to the supply shock, more than 30 countries agreed to release a combined 400 million barrels of crude from emergency stockpiles.
The United States alone plans to release 172 million barrels from the Strategic Petroleum Reserve.
The coordinated action represents the largest emergency release of strategic oil reserves in history.
However, the move has so far failed to calm markets as uncertainty over the security of the Strait of Hormuz continues to threaten global oil supplies.
Before the conflict escalated, about 20% of global petroleum consumption passed through the narrow waterway each day.
With shipping activity severely disrupted, markets remain on edge as governments scramble to stabilise energy supplies and prevent further escalation in the region.
US Navy escort plans under preparation
Energy Secretary Chris Wright previously said the United States Navy is preparing to escort oil tankers through the Strait of Hormuz but warned that the operation cannot begin immediately as US military resources remain focused on ongoing operations against Iran.
Speaking to CNBC on Thursday, Wright said the Navy could begin escorting tankers relatively soon but emphasized that preparations are still underway.
“It’ll happen relatively soon but it can’t happen now,” Wright said.
“We’re simply not ready. All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supplies their offensive capabilities,” he added.
Escort operations could begin by end of month
Wright suggested the military may be ready to deploy escorts later this month as planning continues with defense officials.
Social media post sparks market reaction
Wright’s comments also followed confusion earlier after a post on his social media account incorrectly suggested that a US Navy escort had already taken place.
The post claimed the Navy had escorted a tanker through the Strait of Hormuz but was quickly deleted.
However, the message briefly rattled markets, sending oil prices plunging more than 17% at their lowest point on Tuesday.
The Strait of Hormuz is a critical global energy chokepoint, with roughly one-fifth of the world’s oil supply passing through the narrow passage linking the Persian Gulf to international markets.
English (US) ·