ANKARA

US Treasury Secretary Scott Bessent said the US was preparing for what he described as its “biggest bombing campaign” against Iranian missile infrastructure, media reports said on Friday.

“Tonight will be our biggest bombing campaign, and we'll do the most damage to the Iranian missile launchers, the factories that build the missiles, and we are substantially degrading them,” Bessent said during an interview with FOX Business host Larry Kudlow.

Bessent said Iran had been unable to succeed militarily following what he described as an “overwhelming” US strike campaign.

“Having not been able to succeed there (militarily), they're trying to create economic chaos, and I don't think they're going to be able to do it,” he said.

He also warned that tensions around the Strait of Hormuz could disrupt energy markets.

About 20% of the world’s crude oil and natural gas passes through the strategic waterway, which Iran largely controls.

“When the conflict began, (insurers) dropped all the insurance for any vessels going in and out of the Strait of Hormuz or generally around the Gulf,” Fox Business quoted Bessent as saying.

To address those concerns, the US International Development Finance Corporation announced it would provide up to $20 billion in insurance coverage for vessels operating in the area.

“What this program will do is give shippers insurance, whether they are hauling oil, products, or fertilizer,” Bessent said.

He added that ships might receive naval escort if necessary.

“There is the willingness to go through the strait if we also provide a naval escort if needed,” the official said.

Bessent said authorities were waiting for further assessments on maritime safety.

“We will wait to hear from CENTCOM in terms of when they think safe passage is possible,” he said.

“I don't know whether it's a week or two weeks, but we are on track to get this solved,” he added.

Regional tensions have escalated since the United States and Israel launched a large-scale attack on Iran on Feb. 28, killing more than 1,000 people, including Iranian Supreme Leader Ali Khamenei, over 150 schoolgirls, and senior military officials.

Iran has retaliated with sweeping barrages of its own that have targeted US bases, diplomatic facilities, and military personnel across the region, as well as multiple Israeli cities. The attacks have continued to escalate.