Daijiworld Media Network - Washington
Washington, Mar 12: The United States military is currently “not ready” to escort oil tankers through the strategic Strait of Hormuz as its resources are focused on operations against Iran, US Energy Secretary Chris Wright said on Thursday.
His remarks came amid rising tensions in the Gulf region and reports of attacks on oil tankers off Iraq that left at least one person dead and briefly pushed global oil prices above $100 per barrel.
Since the conflict began, US President Donald Trump has attempted to reassure global markets by proposing US Navy escorts for commercial oil tankers and offering reinsurance support for shipping companies. However, no such escorts have yet taken place.
“It will happen relatively soon, but it cannot happen now. We are simply not ready,” Wright told CNBC. “All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supports those capabilities.”
He added that it was “quite likely” that tanker escort operations could begin by the end of the month.
Meanwhile, the International Energy Agency warned that the ongoing conflict has created the largest disruption in global oil supply in modern history. The agency said escalating attacks on energy infrastructure in the Gulf region have significantly reduced production and disrupted global markets.
The war was triggered after joint strikes by the United States and Israel on Iranian targets, including energy infrastructure.
To stabilise supplies, IEA member nations have agreed to release 400 million barrels of oil from their strategic reserves, the largest such release in history.
According to Wright, the United States will contribute 172 million barrels through a swap arrangement that would later see 200 million barrels returned to its Strategic Petroleum Reserve.
Despite these measures, concerns persist about global energy supplies as the Strait of Hormuz — through which nearly one-fifth of the world’s crude oil shipments normally pass — remains effectively closed due to the conflict.
Wright said he had held meetings at the Pentagon on Thursday to discuss the possibility of deploying US Navy escorts for oil tankers navigating the Gulf region.