- By Chetna Shree
- Thu, 12 Mar 2026 10:21 PM (IST)
- Source:JND
US-Iran War: The US Military is currently 'not ready' to escort tankers through the Strait of Hormuz, as all its assets are focused on striking Iran, US Energy Secretary Chris Wright said on Thursday. His comments came as an attack on two oil tankers killed at least one person, sending oil prices briefly above $100 a barrel.
Trump Offers US Navy Escorts
Since the United States has launched strikes on Iran, President Donald Trump has attempted to calm markets by offering US Navy escorts for oil tankers and reinsurance support for shipping companies. However, no actual escort operations have so far taken place.
"It'll happen relatively soon, but it can't happen now. We're simply not ready," CNBC quoted Wright as saying.
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"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 said.
He added that it is 'quite likely' that such naval escorts will take place by the end of the month.
'Largest Supply Disruption In History Of Global Oil Market': IEA
As Iran launched a fresh wave of attacks on Gulf energy targets, the International Energy Agency warned that the ongoing conflict "is creating the largest supply disruption in the history of the global oil market."
The US and Israeli strikes on Iranian targets, including energy infrastructure, have further disrupted global oil supplies, news agency AFP reported.
IEA To Unlock 400 Million Barrels Of Oil From Reserves
The IEA member countries on Wednesday agreed to release 400 million barrels of oil from their reserves, their largest release ever. The United States will be releasing 172 million barrels under a swap arrangement that would see 200 million barrels flow back to its Strategic Petroleum Reserve within a year, Wright said.
Despite the move, concerns persist as the Strait of Hormuz, through which roughly 20 per cent of global crude passes, remains effectively shut down, preventing smooth transit of oil tankers.
Wright said he held meetings at the Pentagon on Thursday to discuss potential US Navy escorts for tankers. Speaking to CNN, Wright said that he believes markets are "very well supplied with oil right now," adding that short-term pricing was "based on psychology more than flows of oil."
(With Agencies Inputs)