'US to retake control of Hormuz': Treasury Secretary Scott Bessent after Trump's latest threat to Iran

The United States is moving to restore access through the Strait of Hormuz and address global oil supply shortages, Treasury Secretary Scott Bessent said on Monday.

Must read: 'Open Hormuz or we will blow up your...': Trump warns Iran

"Over time, the US is going to retake control of the straits, and there will be freedom of navigation - whether it is through US escorts or a multinational escort," Bessent said in an interview on Fox News.

He indicated that efforts are underway to stabilise supply as markets face a shortfall. "The global oil market is in deficit about 10 to 12 million barrels a day, and we are making up for that deficit," he said, adding that the International Energy Agency's coordinated release of strategic reserves is contributing around four million barrels a day.

The comments come amid heightened tensions in West Asia and continued disruption to shipping through the Strait of Hormuz, a key route for global energy supplies.

Earlier in the day, US President Donald Trump linked the reopening of the strait to ongoing negotiations with Iran and warned of potential escalation if access is not restored.

"The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran," Trump posted on Truth Social. 

"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.'"

"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.’ Thank you for your attention to this matter," he added.