The United States plans to escort ships through the Strait of Hormuz once it is “militarily possible”, Treasury Secretary Scott Bessent said.
The U.S. Navy could escort these vessels alongside international allies, Bessent told Sky News. Energy Secretary Chris Wright told CNBC today that the Navy could not escort ships now, but may be able to by the end of March.
“My belief, that as soon as it is militarily possible, the U.S. Navy and perhaps with an international coalition, will be escorting vessels through,” said Bessent.
Iran will keep the strait closed as a “tool to pressure the enemy”, its new Supreme Leader Mojtaba Khamenei said in a statement today. Around 20% of global oil flows would usually transit through the strait.
The Navy has reportedly been refusing requests for escorts from the shipping industry, citing safety issues. While France said this week that it was preparing for future escort missions alongside allies, this would only begin “after the most intense phase of the conflict has ended”.
The U.S. International Development Finance Corp. said yesterday that it would partner with Chubb on a program to insure ships passing through the strait.
Bessent also said mines in the strait would not be an obstacle to escorts. “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.”
Iran deployed around a dozen mines in the strait earlier this week, Reuters reported. The U.S. said on Tuesday that it had destroyed 16 Iranian mine-laying ships near the area.
Bessent’s comments come as the U.S. seeks to blunt the impact of surging oil prices. It is reportedly considering waiving a maritime law that requires U.S. ships to be used to move goods between its ports, and agreed to release 172 million barrels of oil from its strategic reserve this week.
