U.S. Energy Secretary Chris Wright announced on Thursday, March 12, that the U.S. military is currently “not ready” to escort oil tankers through the vital Strait of Hormuz, as all military capabilities are focused on striking Iran. This comes as Iran continues targeting ships and tankers passing through the waterway, which is considered one of the most strategic passages in the world.

Since the start of the war on Iran on February 28, President Donald Trump has tried to calm the markets by offering U.S. Navy escorts for oil tankers and providing reinsurance facilities for shipping companies. However, no escort operations have taken place so far—13 days after the war began.

Speaking to CNBC on Thursday, March 12, the U.S. Energy Secretary said, "This will happen relatively soon, but it cannot happen now. Quite simply, we are not ready. All our military capabilities are currently focused on destroying Iran’s offensive capabilities and the industries that support them.” He added that “it is very likely that escort operations will begin by the end of the month.”