US Treasury Secretary Scott Bessent has said over time to safeguard one of the world’s most critical oil routes even as the conflict with Iran continues to escalate. Speaking in an interview with Fox News, Bessent struck a measured tone on market stability, insisting that the global oil market remains “well supplied” despite the ongoing crisis.
Bessent said the United States is preparing for a scenario where it would ensure safe passage through the strategic waterway, either through direct naval escorts or a broader multinational effort. “Over time, the US is going to retake control of the Straits and there will be freedom of navigation, whether it is through US escorts or a multinational escort,” he said.
The Strait of Hormuz has become the flashpoint of conflict. Iran has blocked the passage of vessels, which has triggered energy crisis across the world. The narrow passage is a key transit route for global oil shipments.
Despite the risks, Bessent maintained that oil supply levels remain adequate for now. He said authorities are seeing increased availability of crude as several countries have struck arrangements with Iran, allowing more oil to enter the market.
Bessent also stood by Donald Trump’s approach, saying the United States has the financial strength to sustain military operations if needed. He added that the administration is looking to secure additional support from Congress to keep its strategy on track.
Meanwhile, US President . In a post on Truth Social on Monday, he said that if a deal is not reached soon and the Strait of Hormuz is not “immediately ‘open for business’,” the US could respond by “completely obliterating” Iran’s key infrastructure.
He said potential targets could include electric power plants, oil fields and Kharg Island, adding that desalination facilities — which supply clean water — had so far “purposefully not yet (been) touched.” Trump framed any such action as “retribution” for US personnel he claimed were killed by Iran during what he described as a 47-year “reign of terror”.
The US President had earlier said attacks on Iran’s energy infrastructure would be paused for 10 days, a window that runs until April 6.