The US treasury secretary has told Sky News that the US Navy will be escorting oil tankers through the Strait of Hormuz.

Speaking to Sky News' Wilfred Frost, Scott Bessent said: "My belief is that as soon as it is militarily possible, the US Navy, perhaps with an international coalition, will be escorting vessels through."

He added: "There are, in fact, tankers coming through now, Iranian tankers, I believe some Chinese flag tankers have come through. So we know that they have not mined the straits."

Supreme leader Mojtaba Khamenei plans to use the effective closure of the strategic waterway as leverage against the US and Israel.

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As the war nears the two-week mark, Mr Khamenei, in a fiery opening address, promised retaliation for the US-Israeli strikes, saying he "will not refrain from avenging" the blood of their "martyrs" - as a new wave of Israeli strikes hit Beirut.

Iran's relentless attacks on shipping traffic and energy infrastructure in the Persian Gulf had earlier pushed oil back above $100 a barrel, with stocks dropping worldwide on Thursday.

The hike in oil prices came despite the shock announcement the previous day that developed countries would release 400 million barrels of oil from their ⁠strategic reserves - nearly half ​from the US.

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During the wide-ranging interview, Mr Bessent was called to the Situation Room, an intelligence facility in the West Wing of the White House, and when asked if the escort had been discussed, he did not deny it, saying: "Your words, not mine."

Speaking after the interview, Mr Frost said that while the market isn't expecting the safe passage of ships in any meaningful way in the days ahead, Mr Bessent's implication in the interview might suggest otherwise.

Earlier on Thursday, the US energy secretary, speaking to CNBC, ruled out the possibility that the US will imminently take action to escort oil traffic through the strait.

"It'll happen relatively soon but it can't happen now," Chris Wright said.

"We're simply not ready."

In the interview, Mr Bessent also mentioned that the war has so far cost the US around $11bn.

Mr Frost asked the treasury secretary if there was a price that could cause him to confront US President Donald Trump and say the war is no longer affordable.

He replied: "Absolutely not."

The economic turmoil comes in the wake of a row between Washington and London.

Mr Trump hit out at the UK again last week, saying the US does not need anyone to "join wars after we've already won" following its initial refusal to allow the US to launch its initial attacks on Iran from British bases.

Sir Keir Starmer later granted the US use of British facilities for "defensive" action against Iranian missile sites.

Questioned on the special relationship and whether Sir Keir had put lives at risk with his response to the Iran war, Mr Bessent, who has previously lived in London, said: "We delayed being able to fully implement the military plan, and I think that the main concern was the use of base Diego Garcia, and the US B-2s had to do a 37-hour round trip rather than, I think it's about a three, three-and-a-half-hour round trip and constantly refuelling.

"So I think any delay causes an increase in risk."

He added: "President Trump is the commander-in-chief of US forces. Being in the Situation Room with him, he so solemnly takes that leadership role in terms of his commitment to maintaining the lives of our servicemen.

"Anything that upsets that, upsets him, and I think that's what got the very strong reaction."

But Mr Bessent also recognised that the two nations have a "great historical relationship".

When asked how unhappy Mr Trump is with the prime minister right now, he said: "Belatedly, the prime minister offered to put resources in the region. We have a long-term relationship."

He noted that while there will be "some bumps in the road", he thinks the relationship will "eventually get back on track".

On whether Peter Mandelson and Andrew Mountbatten-Windsor should testify to Congress, the US treasury secretary said: "That's a matter for Congress."

He added: "If Congress requests for you to come, you should come."

The full interview of "The Master Investor Podcast with Wilfred Frost" is available to watch on YouTube or to listen wherever you get your podcasts.

(c) Sky News 2026: US Navy to escort oil tankers through Strait of Hormuz, treasury secretary tells Sky News