Investing.com -- U.S. Treasury Secretary Scott Bessent said Thursday that an international coalition could protect ships in the Strait of Hormuz amid the ongoing conflict between the U.S., Israel and Iran.

Bessent told Sky News that escorting tankers through the strait was always part of the plan for the U.S. Navy or an international coalition.

The Treasury Secretary said he believes vessels will be escorted through the waterway as soon as it is militarily possible. He added that such action is a prospect once control of the skies is established.

The statements come as oil prices have seen a major surge following the escalation of the war between the U.S., Israel and Iran, settling above $100 on Thursday for the first time since August 2022.