Treasury Secretary says U.S. has 'absolute control' over Hormuz
By Pooja Rajkumari
Published on May 4, 2026.
The United States Treasury Secretary, Scott Bessent, has stated that the United States has "absolute control" over the Strait of Hormuz, a critical waterway that is responsible for over a fifth of global oil flows. He also urged allies to join the American-led "Project Freedom" operation to escort stranded ships through the vital waterway. The comments come ahead of a scheduled meeting between President Donald Trump and Chinese President Xi Jinping. Besset also highlighted that China, which absorbs the vast majority of Iranian oil exports, is funding Iran's government through its influence on the strait. Iran responded by denying these claims, calling them "baseless and complete lies". Despite the conflicting reports, Bitcoin (BTC) rebounded 1.8% to trade at $80,250.
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