Treasury Secretary Scott Bessent discusses the United States’ new $20 billion maritime recovery plan, conflicts in Iran and more on ‘Kudlow.’
Treasury Secretary Scott Bessent said that the Iranian people are fighting on two fronts while warning when the country will face its tough American military forces with “Kudlow” on Friday.
“Tonight is going to be our biggest bombing campaign yet, and we’re going to do a lot of damage to the Iranian missile launchers, the factories that build these missiles, and we’re going to degrade them,” Bessent told FOX Business host Larry Kudlow on Friday.
After a military failure following what Bessent described as a “massive” strike campaign by the United States, Iran has been forced to play another card, the economy.
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Smoke billows from the city center after the Israeli military launched a second wave of airstrikes on Iran on February 28, 2026. (Fatemeh Bahrami/Anadolu via Getty Images / Getty Images)
“I couldn’t make it there [militarily]they are trying to create economic chaos, and I don’t think they will be able to do it,” he added.
This comes as the Trump administration tightens insurance for US ships passing through the Strait of Hormuz, a key oil shipping route controlled by Iran.
About 20% of the world’s crude oil and natural gas flows through the vital waterway, and Bessent said its closure could disrupt energy markets.
“When the conflict begins, [insurers] it has canceled all insurance for any ships going in and out of the Strait of Hormuz or generally around the Gulf,” Bessent explained.
In an effort to restore confidence in maritime trade during the conflict in Iran, the International Development Finance Corporation (DFC) announced on Wednesday that it will provide up to $20 billion in insurance for ships sailing through the crisis.
A navy ship sails through the Strait of Hormuz, a key waterway through which most of the world’s oil and gas flows, on March 1, 2026. (Sahar Al Attar/AFP via Getty Images/Getty Images)
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“This program that will be done is to provide insurance to transporters, regardless of whether they are transporting fuel, products, fertilizers,” said Bessent.
Iran says the Strait of Hormuz is open but says it will not allow ships linked to Israeli or American interests, the Treasury secretary said.
Bessent went on to discuss whether American ships would need to be protected when transiting through Iranian-controlled waterways as tensions between the nations escalate.
An oil tanker in port in the Strait of Hormuz (Giuseppe Cacace/AFP via Getty Images/Getty Images)
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“There is a determination to go through this massacre if we can also provide people who board ships if needed,” he told FOX Business.
Bessent noted that Iranian and Chinese ships appeared to be passing successfully during the conflict and vowed to resolve the issue.
“We will wait to hear from CENTCOM about when they think it will be possible to pass safely,” he said. “I don’t know if it’s a week or two weeks, but we’re on our way to solving this.”
