In a fresh push for “Project Freedom,” US Treasury Secretary Scott Bessent has characterized the American operation to escort vessels through the Strait of Hormuz as a vital humanitarian mission. Speaking to Fox News, Bessent specifically linked the “freedom” of the waterway to the daily survival of over a billion people in India.
Bessent argued that the ongoing blockade by Iran is not just an energy crisis but a threat to basic human needs, including cooking fuel and food security.
Strategic Links: LPG and Global Supply
Bessent revealed that during the World Bank Spring Meetings last month, several “vulnerable” nations urged the US to restore shipping. He framed the US naval presence as a safeguard for:
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India’s Cooking Needs: Safeguarding the transport of Liquified Petroleum Gas (LPG) used by over a billion people in India.
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Agricultural Stability: Ensuring the flow of fertilizers and food transport.
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Market Stabilization: Addressing a global shortfall of nearly 10 million barrels of oil per day caused by the Hormuz bottleneck.
The “China Factor” and Financial Sanctions
The Treasury Secretary issued a sharp critique of Beijing, accusing China of being the primary financier of Iranian hostilities.
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90% Energy Buyer: Bessent alleged that China purchases 90% of Iran’s energy exports, effectively funding “the largest state sponsor of terrorism.”
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Diplomatic Pressure: He urged China to “step up with some diplomacy” and support the international operation to reopen the strait ahead of the high-stakes summit between President Donald Trump and President Xi Jinping next week.
Escalation in the Gulf
The US rhetoric comes amid a volatile security situation in the Middle East:
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UAE Under Attack: For the first time since the April 8 ceasefire, the UAE reported a direct Iranian strike. 15 missiles and four drones targeted the Fujairah Petroleum Industries Zone, injuring three Indian nationals.
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Iranian Navy “Reduced”: Bessent dismissed Iranian military capabilities as “propaganda,” claiming the Iranian Navy has been reduced to a “band of pirates” and that their leadership is “hunkering down in bunkers.”
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Economic Collapse: The US Treasury claims the Iranian economy is in “freefall,” with the sea blockade on Iranian ports further straining Tehran’s ability to pay its soldiers.
Energy Market Realities
Despite the US-led blockade on Iran, global energy dynamics are shifting:
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OPEC+ Response: Following the UAE’s shock withdrawal from OPEC on May 1, the remaining seven members (including Saudi Arabia and Russia) hiked production quotas by 188,000 barrels per day to project market stability.
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The “Sarv Shakti” Success: Amid the tension, the India-linked LPG supertanker Sarv Shakti successfully sailed out of the Strait of Hormuz on May 2 and is expected to reach Visakhapatnam by May 13, providing a rare piece of relief for India’s energy imports.
