U.S. Treasury Secretary Scott Bessent confirmed in an interview with CNBC that the United States is permitting Iranian oil tankers to transit the Strait of Hormuz. Bessent stated, "We are allowing this to happen to ensure oil supplies for other regions of the world." Tanker traffic through the strait has declined significantly due to Iran's attacks on commercial vessels in the Persian Gulf. Oil prices have risen substantially since the conflict began.
In a Monday interview with CNBC, U.S. Treasury Secretary Scott Bessent indicated that American authorities are allowing Iranian oil tankers to pass through the Strait of Hormuz. "Iranian vessels are already transiting, and we are permitting this to maintain global oil supplies," Bessent told CNBC reporter Brian Sullivan. Tanker flow through the Strait of Hormuz has dropped sharply following Iranian attacks on merchant ships in the Persian Gulf. Despite substantial U.S. naval presence in the region, Iran continues to export approximately 1.5 million barrels of oil per day via this narrow shipping lane. Bessent suggested that the Trump administration expects tanker traffic to recover once the U.S. Navy and allied forces begin escorting commercial vessels. He mentioned that tankers bound for India are already transiting, and the U.S. believes some Chinese vessels have also departed the Gulf. "We believe Iran will naturally ease restrictions on passage, and at present we have no objection. We want ample oil supplies worldwide," Bessent added. The Treasury Secretary projected that oil prices should fall well below $80 per barrel after the conflict concludes. He acknowledged uncertainty regarding the timeline for resolution but expressed confidence that "the world will become safer and oil supplies more abundant." Bessent also dismissed market speculation about potential U.S. government intervention in oil futures trading. "We are not doing that," he stated, noting that it remains unclear under what authority such actions could be taken.
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