The US military is not ready to escort oil tankers through the Strait of Hormuz, a critical shipping lane for global oil trade, according to Energy Secretary Chris Wright.
Speaking on Thursday to the CNBC Tv channel, Wright stated that the escorts are expected to begin soon but are not yet feasible. He noted that US military resources are currently focused on neutralising Iran’s offensive capabilities.
On Thursday, the price of crude oil briefly rose above the symbolic threshold of $100 per barrel, as the ongoing conflict in the Middle East continued to disrupt global oil supplies.
US President Donald Trump had previously suggested deploying the US Navy to escort tankers through the strait. Wright indicated that this action was “likely” to start by the end of the month.
The Strait of Hormuz, effectively controlled by Iran, is a vital maritime corridor where about 20% of the world’s oil passes during normal times.
It remains blocked.
