Investing.com -- U.S. Energy Secretary Chris Wright said Thursday that military operations in Iran will take weeks rather than months, and indicated that navy escorts for tankers through the Strait of Hormuz could begin by the end of March.

Speaking on CNBC, Wright said the navy escort "will happen relatively soon" but noted it "can’t happen now." He specified that the escort operations are likely to commence by the end of the month.

The Energy Secretary also announced a Strategic Petroleum Reserve release structured as a swap arrangement. Under the deal, 172 million barrels will be released in exchange for 200 million barrels to be returned within a year.

Wright identified Asia as the primary concern regarding oil supply issues, specifically pointing to refineries in the region as the focal point of current challenges.

The comments come as Iran has escalated attacks on oil and transport facilities across the Middle East, raising concerns about potential disruptions to oil flows through the Strait of Hormuz. Oil prices rose sharply on Thursday in response to the heightened tensions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.