US Treasury Secretary Scott Bessent announced Monday that the United States is actively working to retake control of the Strait of Hormuz, a critical waterway for global oil transportation. Speaking on Fox News, Bessent emphasized the administration’s commitment to ensuring freedom of navigation, whether through US-led escorts or a multinational coalition.
Global Oil Deficit Looms Large
Bessent highlighted the ongoing global oil deficit, estimated at 10 to 12 million barrels per day. He noted that the International Energy Agency’s coordinated release of strategic reserves has provided approximately 4 million barrels per day toward addressing this shortfall. Additionally, he pointed to the Trump administration’s decision to unsanction Russian and Iranian oil already in transit, stating that this move did not financially benefit either regime.
“There will be freedom of navigation — whether it is through US escorts or a multinational escort,” Bessent said.
Houthi Threat Remains Minimal
When questioned about potential disruptions in the Red Sea due to Houthi militant activity, Bessent downplayed immediate concerns. Despite recent ballistic missile launches by the Iranian-backed group targeting Israel, he noted that the Houthis have been relatively quiet and expects them to remain so. “The Houthis have been very quiet so far,” Bessent remarked, adding that their actions appear to be “Israel specific.”
The Treasury Secretary’s comments underscore the administration’s focus on stabilizing global energy markets while maintaining American influence over key maritime corridors.