Bessent calls on China to help reopen Hormuz Strait
Treasury Secretary Scott Bessent said Monday that the United States has absolute control of the Hormuz Strait and called on China to join American efforts to reopen the waterway.
Speaking on Fox News, Bessent said the US is opening up the Hormuz Strait and encouraged Iran to allow more than 300 vessels to exit with American assistance. He stated that Iranians do not have control of the strait.
Bessent urged international partners to step up and pressure Iran, specifically calling on China to join the Hormuz operation. He noted that China has been buying 90% of Iranian energy and said next week’s summit presents an opportunity for President Trump and President Xi to share views. The Treasury Secretary said the aim is to keep the US-China relationship stable.
The world faces an 8 million to 10 million barrel per day oil deficit, Bessent said, adding that every carrier through Hormuz transports about 2 million barrels. He described the Iranian economy as being in freefall.
Bessent said Project Freedom was not done in coordination with Iran. He stated the US is not the provocateur but expressed willingness to escalate if Iran chooses to do so. The US military is firing only if fired upon, he added.
The Treasury Secretary repeated his confidence that oil prices will drop on the other side of the conflict, calling the current situation a temporary aberration that will be over in weeks or months.
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