Wright says US aims to escort tankers through Strait of Hormuz by end of month

Energy Secretary Chris Wright said the U.S. Navy will seek to escort oil tankers through the Strait of Hormuz by the end of the month in an effort to prevent shortages from driving up prices.

“It’ll happen relatively soon, but it can’t happen now,” Wright said on CNBC in response to a question about the Navy helping tankers navigate the strait. “We’re simply not ready. All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supplies their offensive capabilities.”