The US Treasury Secretary has stated that the US Navy will be escorting oil tankers through the Strait of Hormuz, as Iran’s new supreme leader plans to use the closure of the waterway as leverage. Despite the recent increase in oil prices due to Iran’s actions, the US Energy Secretary ruled out immediate action for escorting oil traffic. The US has incurred around $11bn in costs from the war so far, leading to economic turmoil and tensions with the UK over military plans.
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