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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 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."
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.
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."
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.
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