economy
March 12, 2026
Energy Secretary Wright says U.S. 'not ready' to escort oil tankers through Strait of Hormuz yet
Tanker traffic through the strait remains at a standstill as ship owners fear attacks by Iran. The closure has triggered the largest oil supply disruption ever.
TL;DR
- U.S. Navy is not ready to escort oil tankers through the Strait of Hormuz at this moment.
- Energy Secretary Chris Wright expects the Navy to be ready relatively soon, possibly by the end of the month.
- Military assets are currently focused on destroying Iran's offensive capabilities.
- Brent oil prices touched $100 per barrel amid ongoing attacks on commercial vessels in the Persian Gulf.
- Tanker traffic through the strait is at a standstill due to fears of Iranian attacks.
- The closure of the strait has caused the largest oil supply disruption in history.
- About 20% of global petroleum consumption passed through the strait before the war.
- Over 30 countries agreed to release 400 million barrels of oil from stockpiles.
- The U.S. will release 172 million barrels from the Strategic Petroleum Reserve.
- Iran has rejected U.S. calls to surrender and aims to spike oil prices.
- The operation to secure the strait is expected to take weeks, not months.
Continue reading the original article