Svmuu News U.S. Treasury Secretary Bessent revealed to Sky News that the U.S. Navy will escort oil tankers passing through the Strait of Hormuz, potentially in coordination with an international coalition. Iran's new Supreme Leader Mojtaba Khamenei previously stated plans to leverage the closure of the strait as a bargaining chip against the U.S. and Israel. This waterway carries approximately 20% of the world's oil supply.
Iran's previous attacks on shipping and energy infrastructure in the Persian Gulf have already pushed oil prices back above $100 per barrel. This price increase occurred after developed nations announced the release of 400 million barrels of oil from strategic reserves, with nearly half coming from the U.S.
Bessent also mentioned in the interview that the war has cost the U.S. about $11 billion so far. U.S. Energy Secretary Wright previously stated that the escort operation will happen soon but is not yet ready. (Jin10)