US to ‘control’ Hormuz as oil deficit hits 12M bpd

Shafaq News- Washington

The United States plans to reclaim control of the Strait of Hormuz as the war with Iran creates an estimated 10–12 million barrels per day oil deficit, Treasury Secretary Scott Bessent told Fox News on Monday.

Bessent explained that Washington aims to secure shipping through the strait via US naval escorts or a multinational coalition. The US has also lifted sanctions on Russian and Iranian crude shipments currently at sea to ease supply pressures.

Ship traffic through the strait, he said, is increasing following “individual agreements” with Iran to allow passage.

Meanwhile, EU energy ministers prepare to hold an emergency meeting to coordinate a response to disruptions in global oil and gas markets after Iran effectively shut down the Strait, which carries roughly 20% of global oil consumption, making it the world’s most critical energy chokepoint.