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Moments later, Bessent stood up, allowed staff to remove the microphone attached to his jacket, and walked out.
The timing was notable. The administration is currently navigating financial turbulence tied to the Iran war, including volatility in energy markets, shipping risks, and currency fluctuations.
Bessent returned to the Treasury Department nearly two hours later.
When asked what prompted the emergency meeting, the Treasury chief offered only a broad description.
He told Frost he discussed “a plethora of things” with President Trump.
Trump’s Mood Amid War
Despite the intensity of the situation, Bessent suggested the president remains confident about how the conflict is unfolding.
“The president is in great spirits, the Iranian mission is proceeding well ahead of schedule,” Bessent said.
He also added a personal comment that reflected his trust in the administration’s military leadership as the conflict dominates global headlines.
“I can give this team my highest compliment from President Trump, to the head of the Joint Chiefs, to the secretary of war. I would trust my child’s life in their hands,” he said.
Bessent noted that his teenage child has been considering a future in military service, underscoring the personal significance of the ongoing conflict.
Global Markets Watching Closely
The conversation eventually shifted back toward financial markets, which are closely tracking developments in the Middle East.
The war began on February 28 when the United States and Israel launched Operation Epic Fury, a military campaign targeting Iranian leadership and strategic infrastructure.
The operation reportedly resulted in the death of Iranian Supreme Leader Ali Khamenei, dramatically escalating tensions across the region.
Despite the conflict, the U.S. dollar has strengthened in recent weeks, though several other economic indicators have shown signs of instability.
Investors are particularly focused on the Strait of Hormuz, a narrow but vital shipping corridor connecting the Persian Gulf to the global energy market.
Roughly a fifth of the world’s oil supply moves through that passageway.
Iran has repeatedly threatened to use the strait as leverage against Western powers, raising concerns that shipping lanes could become a flashpoint in the war.
Naval Escorts May Be Coming
During the interview, Bessent indicated the United States is preparing to ensure safe passage for commercial vessels once military conditions allow.
“My belief is that as soon as it is militarily possible, the US Navy, perhaps with an international coalition, will be escorting vessels through,” he said.
Officials have also been watching closely for signs that Iran could attempt to mine the strait.
So far, according to Bessent, there is no evidence that such a move has occurred.
“There are, in fact, tankers coming through now, Iranian tankers, I believe some Chinese-flag tankers have come through. So we know that they have not mined the straits,” he said.
When Frost asked whether naval escort plans were discussed during the Situation Room meeting, Bessent declined to confirm the details.
“Your words, not mine,” he said.
War Costs and Strategic Calculations
The financial cost of the operation is already significant.
According to Sky News, Bessent said the United States has spent roughly $11 billion on the military campaign so far.
Nevertheless, administration officials appear to believe the mission is achieving its objectives.
Energy Secretary Chris Wright also acknowledged that naval escorts are under consideration, though he warned the military is still focused on offensive operations against Iran’s capabilities.
“It’ll happen relatively soon, but it can’t happen now,” Wright told CNBC.
“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,” Wright said.
As the conflict unfolds, the administration’s rapid coordination between economic and military leadership highlights the high stakes surrounding the war.
And Thursday’s sudden interruption of a live interview served as a rare glimpse into just how quickly decisions are being made behind closed doors in Washington.
