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U.S. Treasury Secretary Scott Bessent said he believes the U.S. Navy, possibly with an international coalition, will begin escorting vessels through the Strait of Hormuz as soon as military conditions allow, as the war with Iran drives oil prices above $100 a barrel.
Speaking to Sky News, Bessent said, "My belief is that as soon as it is militarily possible, the US Navy, perhaps with an international coalition, will be escorting vessels through."
He said Iranian tankers and some Chinese-flagged tankers were still passing through the strait, adding that this suggested Iran had not mined the 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," Bessent told.
The remarks came after Iran’s new supreme leader, Mojtaba Khamenei, stated on Thursday he planned to use the effective closure of the strategic waterway as leverage against the United States and Israel.
About 20% of the world’s oil supply passes through the strait.
Iran's attacks on shipping traffic and energy infrastructure in the Persian Gulf had pushed oil back above $100 a barrel, while stocks fell worldwide on Friday.
The rise in oil prices came despite an announcement the previous day that developed countries would release 400 million barrels of oil from strategic reserves, with nearly half coming from the United States.
During the interview, Bessent was interrupted by an aide who told him, "The president wants you." He then remained in the situation room in the West Wing of the White House for about two hours before resuming the interview.
When asked whether the escort operation had been discussed, Bessent did not directly confirm it and said, "Your words, not mine."
After the interview, Sky News journalist Wilfred Frost said markets were not expecting safe passage for ships in any meaningful way in the days ahead, but Bessent’s remarks could suggest otherwise.
Earlier Thursday, U.S. Energy Secretary Chris Wright told CNBC that the United States would not immediately begin escorting oil traffic through the strait.
"It’ll happen relatively soon but it can’t happen now," Wright said, adding that, "We’re simply not ready."
Bessent also said the war has so far cost the United States about $11 billion.
Asked whether there was any price that would make him tell U.S. President Donald Trump the war was no longer affordable, Bessent replied, "Absolutely not."
The economic turmoil came amid tensions between Washington and London over the conflict.
Trump criticized the United Kingdom last week, saying the United States does not need anyone to "join wars after we’ve already won" after Britain initially refused to allow the United States to launch its first attacks on Iran from British bases.
British Prime Minister Keir Starmer later granted the United States use of British facilities for "defensive" action against Iranian missile sites.
Bessent said the delay increased risk because U.S. B-2 bombers had to make a 37-hour round trip rather than a roughly three- to three-and-a-half-hour trip using Diego Garcia. Three more American B-52 bombers have landed in the U.K. amid the ongoing U.S.-Israeli war on Iran, according to media reports.
The B-52 bombers that arrived at the Royal Air Force (RAF) Fairford base in Gloucestershire, South West England, are capable of launching missiles more than 1,500 miles, the BBC reported.
"So I think any delay causes an increase in risk," he said.
He added that Trump takes his role as commander in chief seriously and said the U.S.-U.K. relationship would recover despite current tensions.
"Belatedly, the prime minister offered to put resources in the region. We have a long-term relationship," Bessent stated. He said there would be "some bumps in the road," but that the relationship would "eventually get back on track."
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