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 of the skies over Iran.
“I am convinced that as soon as this becomes possible from a military point of view, the U.S. Navy, possibly together with the international coalition, will begin escorting ships,” Bessent told Sky News. “This will become a reality as soon as we establish full control over the sky.”
Bessent also noted that the current conflict has cost the United States approximately $11 billion.
Additionally, officials reported that the blockade of the Strait of Hormuz is already affecting gasoline prices and increasing demand for Russian oil.
On March 12, U.S. Secretary of Energy Chris Wright announced that the U.S. military remains unprepared to escort ships in the strait. Wright also discussed Washington’s plan to release 172 million barrels of oil from the strategic petroleum reserve and the potential for Navy representatives to assist in escorting tankers through designated water areas.
