The U.S. Navy will escort oil tankers through the Strait of Hormuz, as announced by U.S. Treasury Secretary Bessent. This move, potentially in coordination with an international coalition, comes in response to threats from Iran's new supreme leader, Mojtaba Khamenei, to leverage the closure of the strait against the United States and Israel. The Strait of Hormuz is a critical waterway, carrying about 20% of global oil supplies. Recent Iranian attacks on shipping and energy infrastructure in the Persian Gulf have driven oil prices above $100 per barrel. This price surge follows the announcement by developed nations to release 400 million barrels from their strategic reserves, with nearly half coming from the United States. The ongoing conflict has cost the U.S. approximately $11 billion, according to Bessent. U.S. Energy Secretary Wright indicated that the escort operation is imminent but not yet operational.