Scott Bessent Warns US Will “Retake” Hormuz as Oil Hits $115 Spike
Oil prices surged past $115 as U.S. officials signaled a potential military shift in the Strait of Hormuz, a critical artery for global energy flows.
Treasury Secretary Scott Bessent said the U.S. will “retake control” of the strait over time, raising new questions about how far the Trump administration is willing to go as tensions with Iran intensify.
According to Reuters, Bessent said in a Fox News interview that the U.S. would ensure freedom of navigation, potentially through American or multinational naval escorts, while also insisting the oil market remains “well supplied.”
But that claim comes as markets show the opposite trend, with crude prices jumping above $115 per barrel and a global supply shortfall estimated at up to 12 million barrels per day, according to Investing.com and Business Insider.
“Over time, the U.S. is going to retake control of the straits,” Bessent said.
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The Strait of Hormuz handles roughly one-fifth of the world’s oil supply, and Iran’s restrictions have already reduced tanker traffic and triggered price volatility across global markets.
President Donald Trump has added pressure by warning Iran to reopen the strait or face potential strikes on its energy infrastructure, further raising the stakes in an already unstable region.
What happens next depends on whether diplomatic efforts reopen the waterway—or whether U.S.-led escorts and military involvement become the next phase of the crisis.
For now, markets are reacting faster than policy clarity.
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