US Treasury Chief: Naval Ops Safeguard India's LPG Supply in Strait of Hormuz Crisis

Beseent also urged China to help reopen the Strait of Hormuz while accusing Beijing of "funding" Iran through energy purchases.

Speaking in an interview with Fox News, Bessent said the disruption in Hormuz threatens not just oil flows but essential goods for vulnerable populations worldwide.

"This is a humanitarian effort... it's not only energy that's in there, it's fertiliser, it's food transport, it's LPG for the more than the billion-plus people in India use to cook," he said.

At the same time, Bessent sharply criticised China, alleging it is financially enabling Iran. "Iran is the largest state sponsor of terrorism, and China has been buying 90 per cent of their energy, so they are funding the largest state sponsor of terrorism," he told Fox News.

Despite the accusation, Bessent called on Beijing to play a constructive role, particularly ahead of US President Donald Trump's expected meeting with Chinese President Xi Jinping next week.

"The attacks from Iran have closed the Strait. We are reopening it. So I would urge the Chinese to join us in supporting this international operation," he said, adding, "Let's see them step up with some diplomacy and get the Iranians to open the strait."

Bessent also claimed the US has taken decisive control over maritime access in the region, asserting that Iranian capabilities have been significantly weakened.

"They are trying to cut off international freedom of navigation through the Strait of Hormuz, and the US is opening that up," he said, describing Iran's navy as "a band of pirates."

He added, "Their economy is in freefall, and everyone says they have the high tolerance for pain. Well, their soldiers will not have a high tolerance for not getting paid."

Addressing concerns over global energy markets, Bessent acknowledged a shortfall of up to 10 million barrels per day due to the crisis but expressed confidence that supply would stabilise.

"Help is on the way as of today," he said, noting that dozens of oil tankers are expected to move through the strait, while increased production from countries such as the UAE and OPEC members, along with record US output, would ease pressure.

Meanwhile, US President Donald Trump has called on South Korea to join the US-led maritime operation after alleging that an Iranian-linked attack targeted a South Korean cargo vessel.

He also claimed that the American forces had engaged with Iranian-linked vessels, with the claim that seven of the Iranian "fast " boats were shot down.

With that, Trump announced that US Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of Staff, Dan Caine, will hold a press conference on Tuesday morning (local time).

In a post on Truth Social, Trump alleged that Iran had targeted "unrelated Nations" during the "Ship Movement, Project Freedom", including an incident involving a South Korean cargo vessel. He claimed US forces responded by shooting down "seven small boats".

He said, "Iran has taken some shots at unrelated Nations with respect to the Ship Movement, Project Freedom, including a South Korean Cargo Ship. Perhaps it's time for South Korea to come and join the mission! We've shot down seven small Boats or, as they like to call them, "fast" Boats. It's all they have left."

According to Trump, no additional damage has been reported in the Strait of Hormuz, a critical global oil transit corridor, apart from the South Korean vessel. He said, "Other than the South Korean Ship, there has been, at this moment, no damage going through the Strait."

An explosion followed by a fire struck a Panama-flagged vessel operated by South Korea's HMM Co. while it was anchored in the Strait of Hormuz, with authorities investigating whether the incident was caused by an external attack, according to Yonhap News Agency.

- ANI