Energy Secretary Chris Wright on Thursday said that while the U.S. Navy may soon be in a position to escort oil tankers through the Strait of Hormuz to protect them from attacks by Iran, the Navy isn’t yet ready to do so.

Wright said in an interview on CNBC’s “Squawk Box” that tanker escorts through the Strait of Hormuz – a vital chokepoint in the shipping lanes through the Persian Gulf – will be on the table in the near future as the air campaign against Iran’s military capabilities continues. Shipping traffic in the strait has largely ground to a halt due to the risk of Iranian attacks.

“It’ll happen relatively soon, but it can’t happen now,” Wright said in the interview. “We’re simply not ready. All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supplies their offensive capabilities.”

The energy secretary was asked in the interview whether the Navy would be in a position to begin escorting tankers through the strait by the end of this month and Wright responded, “Yes, I think that is quite likely the case.”

CARGO SHIP STRUCK IN STRAIT OF HORMUZ AMID IRAN WAR

“Again, I’ll be over at the Pentagon later today. But that is what the military is working on and, yes, a lot of critical materials come out of the Strait of Hormuz,” Wright told CNBC.

“We have a large global economy. Fortunately, with President Trump’s policies, we’re a net exporter of oil, we’re a net exporter of natural gas, and in fact we’re growing our net exports of natural gas this spring, this summer. You’ll see massively more capacity online by the end of this year,” he added.

OIL SPIKE FADES AS MARKETS REASSESS IRAN WAR SUPPLY RISKS

Wright said in the interview that the Trump administration doesn’t want the Iran campaign to be a “brush off for a year or two” and wants to “permanently destroy their ability to build missiles, to build drones, to have a nuclear program.”

“It is short-term pain for the long-term gain, but it’s simply a must-achieve thing. Otherwise, you’ve got decades into the future of an Iran that can hold the world hostage whenever it wants,” he added.

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

The energy secretary’s comments come after a subsequently deleted social media post on his X account indicated that the “U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets.”

However, the post was taken down and White House press secretary Karoline Leavitt confirmed during a briefing that the “U.S. Navy has not escorted a tanker or vessel at this time. Though, of course, that is an option the president has said he will absolutely utilize if and when necessary at the appropriate time.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Oil prices have surged amid the conflict with Iran, with prices briefly rising near $115 a barrel before declining and trading between about $80 and $95 a barrel this week.

Gasoline prices have also spiked, with AAA reporting the national average price for a gallon of gas rose to $3.598 a gallon as of Thursday – up from $2.944 a gallon a month ago.

In the Nifty500 pack, eight stocks’ closing prices crossed above their 200 DMA (Daily Moving Averages) on March 12, 2026, according to stockedge.com’s technical scan data. Traders use the 200-day daily moving average (DMA) as a key indicator to determine the overall trend in a particular stock. As long as the stock is priced above the 200-day SMA on the daily timeframe, it is generally considered to be in an overall uptrend. Take a look:

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Following a massive surge of nearly 10% on Thursday, crude oil prices slipped on Friday morning after the U.S. issued a 30-day license allowing countries to purchase Russian oil and petroleum cargoes that are currently stranded at sea, easing immediate supply worries.

U.S. Treasury Secretary Scott Bessent said the temporary license was intended to help stabilise global energy markets that have been unsettled by the war in Iran.

Crude oil price on March 13

Brent futures fell 71 cents, or 0.71%, to $99.75 a barrel at 0123 GMT, while U.S. West Texas Intermediate (WTI) crude declined 88 cents, or 0.92%, to $94.85.The decision on Russian oil came a day after the U.S. Energy Department announced that the United States would release 172 million barrels of crude from the Strategic Petroleum Reserve to cool surging oil prices following the conflict in Iran. The move is part of a coordinated effort with the International Energy Agency (IEA), which has agreed to release a record 400 million barrels from strategic stockpiles, including the U.S. share.

Are worries over?

Tensions in the region remain high. Iran’s new supreme leader, Mojtaba Khamenei, said the country would continue the fight and keep the Strait of Hormuz closed as leverage against the United States and Israel.
Security risks have also increased. Iraqi security officials said two fuel tankers in Iraqi waters were struck by explosive-laden Iranian boats on Thursday. An Iraqi official told state media that the country’s oil ports have completely halted operations, Reuters reported.Iran warned that global oil prices could climb to $200 per barrel after its forces struck merchant ships earlier this week.

U.S. President Donald Trump, who has not committed to a timeline for military operations, said that he was not yet ready to call an end to the war.

Uncertainty over how quickly the additional oil will reach the market has also weighed on sentiment. While the IEA’s move represents an unprecedented intervention, the agency did not specify the pace at which individual countries will release their reserves or how the oil will be distributed.

Concerns over a prolonged conflict are also overshadowing the IEA’s move. Iran has told regional intermediaries that any ceasefire would require the US to guarantee that neither it nor Israel will carry out future attacks on the country, recognise Iran’s rights, and fund reparations for the damage caused during the war. However, Bloomberg reported that Washington is unlikely to accept these conditions.

At the same time, steps are being considered to limit the disruption. Scott Bessent told Sky News that the U.S. Navy, possibly alongside an international coalition, could escort vessels through the Strait of Hormuz when it becomes militarily feasible.

Saudi Arabia is reportedly paying a premium to reroute tankers through the Red Sea, using its East-West pipeline to move oil to global markets. Meanwhile, Iran is allowing one or two tankers a day to pass through the strait, mainly shipments headed to China, helping maintain some cash flow while keeping China on its side.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

In just over a year, children’s furniture brand Millie & Jones has grown from a small online retailer into a rapidly expanding ecommerce business serving families across the UK.

Behind the brand is British entrepreneur Harry Hammond, who acquired the company with his wife Kelly-Jo in August 2024 and quickly transformed it into a fast-growing, family-focused business built on trust, service and sustainability.

Operating from their family farm in Hertfordshire, the couple set out to build more than just another online furniture store.

“We didn’t just want to sell beds,” says Harry. “We wanted to create a brand that families genuinely trust, somewhere parents feel confident buying from.”

That philosophy has been central to the company’s rapid growth.

Spotting the opportunity

When Harry and Kelly-Jo first acquired Millie & Jones, the business was still in its early stages. The website was basic, the brand identity was underdeveloped, and only a modest number of orders were being placed each month.

But Harry believed the business had significant potential.

With more than a decade of experience in ecommerce and digital marketing, he recognised that the children’s furniture sector was ripe for a specialist brand focused on quality and customer experience.

“The products themselves were good, but the business needed direction,” he explains. “It needed stronger branding, better digital infrastructure and a clear vision for growth.”

The first major step was rebuilding the website from the ground up. The new platform prioritised clear product information, easier navigation and a more polished brand experience for customers.

At the same time, the company began investing heavily in its digital presence, including SEO, paid advertising and detailed buying guides designed to help parents choose the right beds for their children.

The results were immediate.

Within months, Millie & Jones began attracting significantly more customers, and today the company operates at a seven-figure annual revenue run rate.

Furniture designed for real families

Millie & Jones specialises in beds designed for growing children, teenagers and guests.

The range includes bunk beds, mid sleepers, high sleepers, day beds, guest beds and storage beds, furniture designed to maximise practicality in modern family homes.

“A child’s bedroom today has to serve multiple purposes,” Harry explains.

“It’s where they sleep, but it’s also where they study, relax, and spend time with friends. So the furniture needs to be practical as well as stylish.”

Many of the beds feature built-in desks, storage drawers or space-saving designs that help families make the most of smaller bedrooms.

But according to Harry, the products are only part of the story.

Building trust through customer service

From the beginning, Millie & Jones has prioritised customer service as one of the pillars of the brand.

“In furniture retail especially, trust matters enormously,” Harry says. “Parents are buying beds their children will use every day for years, so they need to feel confident in the company they’re buying from.”

The business focuses heavily on clear communication, reliable delivery and transparent product information.

That approach has helped the company build a strong reputation online, particularly through consistently positive feedback on Trustpilot.

“We read every review,” Harry says. “Customer feedback is incredibly valuable because it tells you exactly what people appreciate and where you can improve.”

For Harry, strong customer experience isn’t simply good practice, it’s the foundation of sustainable growth.

“If you look after customers properly, word spreads quickly,” he says.

Sustainability at the core

Another defining feature of the Millie & Jones brand is its commitment to sustainability.

The company operates a tree-planting initiative that funds environmental projects around the world.

For every order placed, multiple trees are planted through sustainability platform Greenspark.

Since launching the programme, more than 12,000 trees have already been planted.

“It’s something we’re very proud of,” Harry says.

“Furniture retail inevitably involves materials and manufacturing, so we wanted the business to contribute positively as well.”

The initiative has resonated strongly with customers, many of whom highlight the programme in their reviews.

“Customers like the idea that their purchase contributes to something positive,” Harry explains.

“And honestly, seeing the tree counter go up is something we genuinely enjoy.”

A track record of purpose-driven businesses

Millie & Jones is not Harry’s first entrepreneurial venture.

Over the years he has built and scaled several businesses, one of his best-known ventures is Raffolux, an online prize competition platform that has raised hundreds of thousands of pounds for charity through its competitions.

“That idea of building businesses that contribute positively has always been important to me,” Harry says.

“Commercial success is obviously important, but creating something that benefits people or communities is just as meaningful.”

That same philosophy has shaped the development of Millie & Jones.

A family business at heart

Despite its rapid growth, Millie & Jones remains firmly a family-run business.

Harry and Kelly-Jo run the company together while raising their own young children, something that strongly influences how the brand operates.

“As parents ourselves, we understand exactly what families care about,” Harry says.

“It’s not a faceless corporate retailer,” Harry adds. “Customers know they’re dealing with a real family business.”