U.S. Treasury Secretary Announces Navy Will Escort Oil Tankers Through the Strait of Hormuz

KuCoinFlash

Release Time: 03/13/2026 00:05:40

Summary

U.S. Treasury Secretary Bessent announced that the U.S. Navy will escort oil tankers through the Strait of Hormuz, potentially alongside an international coalition. The Strait, which handles 20% of global oil supply, has drawn increased attention after Iran’s new Supreme Leader hinted at using it as leverage against the U.S. and Israel. Past attacks in the region previously pushed oil prices above $100 per barrel, even after 400 million barrels were released from strategic reserves. Bessent stated that the conflict has so far cost the U.S. $11 billion. This development may prompt investors to monitor altcoins as markets assess geopolitical risks. Fear and Greed Index readings indicate heightened market uncertainty. U.S. Energy Secretary Wright said the mission is nearing readiness but is not yet operational.

Odaily Planet Daily reports: U.S. Treasury Secretary Bessent told Sky News that the U.S. Navy will escort oil tankers through the Strait of Hormuz, possibly in coordination with an international coalition. Iran’s new supreme leader, Mojtaba Khamenei, previously stated his intention to use the closure of the strait as leverage against the United States and Israel; the waterway carries approximately 20% of global oil supplies.

Iran's previous attacks on shipping and energy infrastructure in the Persian Gulf have pushed oil prices back above $100 per barrel. This price increase follows the announcement by developed nations that they will release 400 million barrels from their strategic reserves, nearly half of which are from the United States.

Bessent also mentioned in the interview that the war has so far cost the United States approximately $11 billion. U.S. Energy Secretary Wright previously stated that the escort operation would occur soon but is not yet ready. (Jinshi)

Source:Show original

Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.