Iran threatens to continue blocking the Strait of Hormuz, prompting the U.S. to take action: The Treasury Secretary states that they will escort as soon as conditions permit, while the Energy Secretary mentions it could be this month

After the new Supreme Leader of Iran publicly stated for the first time that he would continue to block the Strait of Hormuz, U.S. officials made intensive statements on Thursday, promising to escort tankers through the strait as soon as military conditions allow, while also admitting that they are not yet prepared for immediate escort. Meanwhile, international crude oil prices rebounded sharply, and the market remains uncertain about when shipping through the Strait of Hormuz, the world's most important energy passage, will resume. On Thursday, Eastern Time, U.S. Treasury Secretary Becerra stated in a media interview that the U.S. Navy would escort ships through the Strait of Hormuz as soon as it is "militarily feasible," and may take joint action with an international coalition if necessary. On the same day, U.S. Energy Secretary Wright explicitly stated to another media outlet that the U.S. military is "not yet ready" to implement escort operations, but it is expected to have the relevant capabilities by the end of this month. The differing statements from the two officials reflect internal disagreements within the U.S. regarding the timeline for escort operations. The Strait of Hormuz has effectively been closed to shipping since February 28, when the U.S. and Israel launched military actions against Iran. The International Energy Agency (IEA) warned that the current disruption in oil supply is the largest shock the global oil market has ever faced. Brent crude prices surged above $100 per barrel several times during trading on Thursday, closing above this threshold for the first time since August 2022, with a gain of over 9%. Becerra: Escort is in the plan; Wright: Not ready for escort yet On Thursday, Becerra stated that the U.S. Navy escorting tankers through the Strait of Hormuz has "always been in our planning," and said, "I believe that once it is militarily feasible, the U.S. Navy—perhaps in conjunction with an international coalition—will escort ships through that strait." Becerra also mentioned that the U.S. had conducted "scenario analyses for weeks or even months" regarding the potential impact of this war on oil transportation. He emphasized that the U.S. "has complete control of air superiority" and claimed that Iran "has no air force, and its navy has literally and symbolically sunk." U.S. Energy Secretary Wright stated on Thursday that escort operations "will be achieved in a relatively short time, but not right now." He explained that "all of our military forces are currently focused on destroying Iran's offensive capabilities and its logistics supply system." When asked whether the U.S. military might have escort capabilities by the end of this month, Wright responded, "Yes, I think that is quite likely." He revealed that he would be going to the Pentagon later that day to learn about the relevant progress. Wright also emphasized that the Trump administration hopes that this action against Iran will "permanently destroy Iran's ability to build missiles, drones, and develop nuclear programs," rather than turning into a "war of attrition that lasts a year or two." He said, "This is a short-term cost for long-term gain, but it is a goal that must be achieved. Otherwise, Iran could hold the world hostage at any time for decades to come." Wall Street Journal previously mentioned that Wright had posted on his personal social media account on Wednesday claiming that the U.S. Navy had successfully escorted a tanker through the Strait of Hormuz, but the post was deleted shortly thereafter. White House Press Secretary Levitt later confirmed that the U.S. Navy has not yet escorted any tankers or ships through the strait. This escort blunder caused international crude oil futures to plummet nearly 20% on Wednesday Trump: Nuclear Issues Take Precedence Over Oil Prices U.S. President Trump stated on social media on Thursday that preventing Iran from acquiring nuclear weapons and avoiding its threats to the Middle East is "far more important" to him than oil prices. Previously, on March 3, Trump promised that "the U.S. Navy will begin escorting tankers through the Strait of Hormuz as soon as possible." He also stated on Wednesday that the CEOs of major oil companies should proactively send tankers through this narrow waterway. The U.S. government announced on Wednesday that Chubb will serve as the lead underwriter for a federally-led program to provide insurance for vessels passing through the strait. However, reports indicate that the U.S. Navy is currently rejecting "almost daily" requests for escort from the shipping industry, citing excessive risk. U.S. Military Announces Sinking of 16 Iranian Minesweepers; UK Claims Iran "May Have Started Laying Mines" On Thursday, Trump warned on his social media platform that if Iran lays mines in the Strait of Hormuz, "we demand immediate removal," and cautioned that if Iran lays mines and does not remove them, it will face "unprecedented" military consequences. He also stated that 10 decommissioned Iranian minesweepers have been sunk, with "more" minesweepers to be sunk. Subsequently, U.S. Central Command announced that the U.S. military sank multiple Iranian vessels on Tuesday, including 16 minesweepers. Media reports citing sources claim that Iran has begun laying mines in the Strait of Hormuz, but on a limited scale, having only laid "dozens" recently. Related reports also indicate that Iran still retains over 80% of its small vessels and minesweepers, theoretically capable of laying hundreds of mines in the waterway. Other media reports estimate that Iran has a stockpile of approximately 2,000 to 6,000 mines. According to reports, UK Defense Secretary John Healey stated at the British military headquarters in northern London that "the relevant reports are becoming clearer, and the Iranians may have already begun laying mines in the strait." He also pointed out that during the U.S.-Israel-Iran conflict, it is "almost impossible" to clear mines, and the best way to reopen the Strait of Hormuz is to de-escalate the geopolitical situation. Commentators believe Healey's statement sharply contrasts with Trump's remarks on Wednesday. When asked by reporters whether Iran was laying mines in the Strait of Hormuz, Trump replied, "We don't think so." He also stated that the U.S. military has nearly destroyed all of Iran's minesweepers. An Iranian deputy foreign minister later denied that the country was laying mines. Iran's New Supreme Leader: No Abandonment of Revenge, Continued Blockade of the Strait, Researching New Frontlines According to Xinhua News Agency, Iran's new Supreme Leader Mojtaba Khamenei issued his first public statement since taking office on Thursday, declaring that Iran will continue to use the blockade of the Strait of Hormuz as a means to "pressure the enemy" and will explore "opening new battlefields on fronts where the enemy has less experience and is vulnerable." The report mentioned that the statement emphasized that Iran "will never abandon revenge," not only for the slain former Supreme Leader Ali Khamenei but also for every Iranian who has been killed. The statement also called on neighboring countries to quickly close U.S. military bases, stating that "the U.S. so-called promise of bringing security and peace is nothing but a lie." Mojtabah is 56 years old, and his father, Ali Khamenei, was killed in an attack during early military operations by the U.S. and Israel against Iran on February 28. Media commentary on Thursday suggested that the latest statements from both the U.S. and Iran are showing a hardline stance, providing very limited signals of easing for the oil market. Reports cited informed sources stating that behind-the-scenes negotiations between the Iranian government and U.S. allies are "far from" finding a solution to reopen the Strait of Hormuz. Iranian President Ebrahim Raisi posted on social media on Wednesday the most specific ceasefire conditions to date: Iran needs to receive "strong guarantees from the international community against future acts of aggression" and war reparations. The closure of the Strait of Hormuz has triggered the largest oil supply disruption in history, with the International Energy Agency (IEA), which has over 30 member countries, announcing on Wednesday that it will collectively release a record 400 million barrels of strategic oil reserves, including 172 million barrels from the U.S. Strategic Petroleum Reserve. However, this news failed to effectively stabilize oil prices, as U.S. oil briefly turned lower after the IEA announced the release of 400 million barrels, closing up over 4% on the day