LONDON — U.S. Treasury Secretary Scott Bessent assured the British Broadcasting Corporation on Thursday that the economic pain currently being experienced by people who purchase gasoline, heat their homes, or import goods through the Strait of Hormuz was a 'small bit' of pain, and that this bit, being small, was worth bearing in exchange for the long-term security he intends to announce at a later date.

Bessent, who was not at the pump, confirmed that the first six days of the war had cost the United States approximately $11.3 billion, a figure he described as manageable given the cushions built into a defense budget he did not specify. He added that the conflict was proceeding 'ahead of plan,' though declined to share the plan against which progress was being measured.

'Every day we are moving ahead of plan, and Iran is degraded,' Bessent said, using a passive construction that left unspecified who, precisely, was being degraded by oil prices above $100 a barrel.

The Treasury Secretary had earlier told Sky News that there was 'absolutely not' a price that would cause him to tell President Trump the war was no longer affordable — a position that analysts noted was easier to maintain when the price in question is borne by a separate category of person. The International Monetary Fund has warned that a prolonged conflict could raise oil and gas prices by 100 to 200 percent, a projection Bessent did not address, as it fell outside the scope of the question he had been asked.

In a separate interview with Semafor, Bessent said he believed the war would produce '50 years of stability' for the American economy, though he acknowledged the conflict would make it difficult to achieve the administration's stated target of 4 percent annual growth. He described this as a 'big catch-up' situation, a phrase whose meaning he did not elaborate on, possibly because elaboration would have raised further questions.

To ease pressure on global oil markets, Bessent confirmed the administration was exploring measures to allow additional Russian crude to reach international buyers — a policy adjustment that was not, officials noted, connected to anything in particular.

When asked to define the upper boundary of a 'small bit' of economic pain, a Treasury spokesperson said the matter was under review and that conditions were being monitored closely.