The United States is not yet prepared to escort oil tankers through the Strait of Hormuz, US Energy Secretary Chris Wright said in an interview with a media outlet on Thursday.
“The US Navy is not ready to escort oil tankers through the Strait of Hormuz,” Wright told media, adding that such operations could begin soon but not immediately.
“It' ll happen relatively soon but it can't happen now,” Wright said.
“We're simply not ready. All of our military assets right now are focused on destroying Iran's offensive capabilities and the manufacturing industry that supplies their offensive capabilities.”
Wright told media that the US military may be in a position to begin escorting tankers by the end of the month.
“I'll be over at the Pentagon later today — that is what the military is working on,” he said.
Wright's remarks come days after a social media post from his account mistakenly claimed that the United States Navy had escorted a tanker through the strait. The post was later deleted but triggered sharp volatility in oil markets, with prices plunging more than 17% at their lowest point on Tuesday.
Iran's Supreme Leader Ayatollah Mojtaba Khamenei also said that the leverage of closing the Strait of Hormuz should be used and that attacks on Iran's Gulf Arab neighbours will continue.
Oil markets have reacted sharply to the escalating tensions in the Persian Gulf. Brent Crude briefly touched $100 per barrel earlier Thursday as attacks on commercial vessels in the region continued this week. Prices were last trading about 7% higher at $98.43.
Earlier this month, US President Donald Trump had pledged that the Navy would begin escorting tankers through the key shipping route.
“The United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,” Trump said on March 3.
Tanker traffic through the strait has largely halted as shipping companies fear potential attacks by Iran.
Also Read: Iran President Masoud Pezeshkian Lays Down Three Conditions To End War With US, Israel
The Strait of Hormuz is the only maritime entry and exit point for the Persian Gulf, and about 20% of global petroleum consumption passed through the narrow waterway before the conflict.
In response to the supply shock, more than 30 countries agreed on Wednesday to release 400 million barrels of oil from strategic reserves. The US will contribute 172 million barrels from the US Strategic Petroleum Reserve as part of the coordinated effort.
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