The U.S. Navy is expected to escort ships through the Strait of Hormuz "as soon as it is militarily possible," according to Treasury Secretary Scott Bessent. This comes amid concerns that Iran is laying mines in the strategically important waterway. The International Energy Agency (IAEA) reported that the global oil market is facing "the largest supply disruption" in history due to the Iran war, which has cost the U.K. $11 billion. The IEA also noted that the release of up to 400 million barrels of oil from member governments requested by President Trump remains a significant and welcome measure. However, ClearView Energy Partners warned that global energy prices could rise significantly in a month's time.