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Treasury Secretary Scott Bessent <a href="https://www.reuters.com/world/china/oil-market-well-supplied-control-hormuz-shift-over-time-bessent-says-2026-03-30/">said</a> he expects the United States to "retake control" of the Strait of Hormuz with the help of possible escorts.

The waterway, which typically serves as a major shipping route for 20 percent of the global oil supply, has effectively been closed amid the war in Iran.

"Over time, the U.S. is going to retake control of the straits, and there will be freedom of navigation, whether it is through U.S. escorts or a multinational escort," Bessent said in a <a href="https://www.foxnews.com/video/6392148735112">Fox News interview</a> Monday.

Bessent also noted the situation on the strait has already improved, saying traffic is already starting to flow through the strait.

He also said the global oil market faces a deficit of about 10 to 12 million barrels per day, but maintained it remains "well supplied" despite the Iran conflict. The International Energy Agency’s coordinated release of strategic reserves contributes approximately 4 million barrels daily toward filling that gap, according to Bessent.

Traffic through the strait had fallen by 90 percent since the start of the Iran war, sending global oil prices skyrocketing and causing shortages in the Asian nations that get their oil from Persian Gulf countries through the strait.

President Donald Trump previously gave Iran a 48-hour ultimatum to fully reopen the strait and threatened to strike Iran's power plants. But Trump later expanded the timeline, citing ongoing negotiations.

Trump provided an update on Monday about those talks, saying his administration remains in “serious” talks with a new and more reasonable regime in Iran to end military operations.

“Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately ‘Open for Business,’ we will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet ‘touched,’” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/116317880658472708">wrote on Truth Social</a>.  “This will be in retribution for our many soldiers, and others, that Iran has butchered and killed over the old Regime’s 47 year ‘Reign of Terror.’”

Speaking to reporters Sunday on Air Force One, Trump said Iran allowed 20 more ships to pass through the Strait of Hormuz as a “sign of respect,” a concession in the conflict that has continued for more than a month.

<em>Reuters and The Associated Press contributed to this report.</em>

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Bessent: US Will 'Retake Control' of Strait of Hormuz, Restore 'Freedom of Navigation'

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