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The US Treasury Secretary told Sky News that the US Navy would escort oil tankers through the Strait of Hormuz.
Iran’s new supreme leader Mojtaba Khamenei said on Thursday that he planned to use the effective closure of the strategic waterway, through which 20% of the world’s oil supply passes, as leverage against the US and Israel.
Speaking to Sky News’ Wilfred Frost, Scott Bessent said: “I’m confident that as soon as militarily possible, the US Navy, perhaps with an international coalition, will escort those ships through.”
He added: “In fact, there are tankers coming in now, Iranian tankers, I believe some Chinese-flagged tankers have gone through. So we know that they are not mining the strait.”
Iran’s latest war: follow live
As the war approaches two weeks, Khamenei, in his fiery opening speech, promised retribution for the US-Israeli attacks, saying he would “not hold back in avenging” the blood of their “martyrs” – as a new wave of Israeli attacks hit Beirut.
Iran’s bombing of shipping traffic and energy infrastructure in the Persian Gulf has previously pushed oil prices back above $100 a barrel, and stockpiles fell around the world on Thursday.
The rise in oil prices came despite a surprise announcement a day earlier that developed countries would release 400 million barrels of oil from their strategic reserves – almost half of US reserves.
Read more:
How Iran can block the Strait of Hormuz
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During the wide-ranging interview, Bessant was interrupted and told by an aide: “The president wants you.”
He stayed in the situation room, an intelligence facility in the West Wing of the White House, for about two hours before continuing the interview.
When asked if the escort had been discussed, he did not deny it, saying: “Your words, not mine.”
Speaking after the interview, Mr Frost said that although the market was not expecting the ship’s safe passage in the next few days, Mr Bessent’s implications in the interview may suggest otherwise.
Donald Trump in the Situation Room. File image: Reuters
Earlier on Thursday, the US Energy Secretary, speaking to CNBC, ruled out the possibility that the US would take immediate action to curb oil traffic through the strait.
“This will happen in the near future, but it can’t happen now,” said Chris Wright.
“We’re not ready yet.”
In the interview, Bessent also mentioned that the war has cost America $11 billion so far.
Mr Frost asked the Treasury Secretary whether there were any consequences that could lead to him facing the US President Donald Trump and said war was no longer affordable.
He replied: “Absolutely not.”
Economic turmoil occurred after disputes between Washington and London.
Trump again lashed out at Britain last week, saying the US didn’t need anyone to “join the war after we win” following their initial refusal to allow the US to launch an initial strike against Britain. Iran from a British base.
Sir Keir Starmer later allowed the US to use British facilities for “defensive” action against Iranian missile sites.
Asked about the special relationship and whether Sir Keir had endangered lives with his response to the Iran war, Bessent, who previously lived in London, said: “We are delaying being able to fully implement the military plans, and I think the main concern is the use of the Diego Garcia base, and the US B-2s having to make a 37-hour round trip rather than, I think, a three, three-and-a-half hour round trip and constantly refueling.
“So I think any delay leads to increased risk.”
He added: “President Trump is the commander in chief of US forces. Being in the situation room with him, he truly took a leadership role in terms of his commitment to defending the lives of our soldiers.
“Anything that upsets him, upsets him, and I think that’s what got the really strong reaction.”
But Bessent also acknowledged that the two countries have a “great historical relationship.”
When asked how unhappy Trump was with the current prime minister, he said: “Belatedly, the prime minister offered to provide resources in the region. We have a long-term relationship.”
He noted that while there will be “some bumps in the road,” he thinks the relationship will “eventually get back on track.”
On whether Peter Mandelson and Andrew Mountbatten-Windsor should testify before Congress, the US Treasury Secretary said: “That’s a matter for Congress.”
He added: “If Congress asks you to come, you should come.”
Lord Mandelson was fired from his post as British ambassador to the US because of his ties to Jeffrey Epstein.
The former Labor Party cabinet minister previously denied any wrongdoing over his relationship with the pedophile financier.
The House Oversight and Government Reform Committee had asked Andrew to cooperate with its investigation into Epstein’s sex trafficking operation in November.
He failed to respond to their requests for an interview and previously denied any wrongdoing related to Epstein.
The full “The Master Investor Podcast with Wilfred Frost” interview is available to watch on YouTube or to listen wherever you get your podcasts.
