Treasury Secretary Scott Bessent made a remarkable claim about the Strait of Hormuz, a narrow stretch of water that determines how close the world sits to a potential energy crisis. He stated that the US is planning to retake control of the straits over time, and there will be freedom of navigation, whether it is through U.S. escorts or a multinational escort force. The global oil market is currently in deficit about 10 to 12 million barrels a day, but Bessents argued that coordinated releases from strategic reserves and unsanctioned Russian and Iranian barrels are helping to bridge the gap. His comments have been widely perceived as a significant shift from reactive measures to a proactive plan to reopen Hormz, which could ease the war premium in crude and calm volatility across risk assets.