Bessent Says US to ‘Retake’ Hormuz Strait Control, Eyes Escorts

Treasury Secretary Scott Bessent indicated optimism about a reopening of the Strait of Hormuz for passage of cargo ships and said the administration is steadily moving to address the shortage of global oil supplies.

“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,” Bessent said in an interview Monday on Fox News.

Bessent said the global oil market is “in deficit about 10 to 12 million barrels a day, and we’re making up for that deficit.” The International Energy ...