U.S. Energy Secretary Chris Wright reportedly stated that the United States’ Navy is not ready yet to escort oil tankers through the Strait of Hormuz amid an intensifying Iran war.
“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,” Wright said during an interview with CNBC, while adding that it will happen relatively soon.
Wright’s comments come at a time when crude oil prices have soared past the $100 per barrel mark once again. U.S. West Texas Intermediate (WTI) crude futures maturing in April soared nearly 10%, rising to $95.26 per barrel before shedding some of the gains. Brent crude futures expiring in May surged more than 10% to $101.53 before losing some steam to hover around $98 a barrel.
The United States Oil Fund ETF (USO) and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) were up about 5% at the time of writing.
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