Beasent Says US Allows Iranian Oil Tankers to Pass Through Strait of Hormuz

Investing.com – U.S. Treasury Secretary Scott Bessent said Monday in an interview with CNBC that the United States is allowing Iranian oil tankers to pass through the Strait of Hormuz.

Bessent told CNBC’s Brian Sullivan, “Iranian vessels are already at sea, and we are permitting this to supply oil to other parts of the world.”

Due to attacks on commercial ships in the Persian Gulf by Iran, the volume of oil tanker traffic through the Strait of Hormuz has decreased. Although the U.S. Navy has a significant presence in the region, the Islamic Republic of Iran continues to export millions of barrels of oil via this narrow maritime route. Iran exports about 1.5 million barrels of oil daily.

Bessent stated that the Trump administration expects the volume of oil tanker traffic through the Strait of Hormuz to increase before the U.S. Navy and allied forces begin escorting commercial ships. He said that oil tankers supplying India have already passed through the strait. He also mentioned that the U.S. believes some Chinese ships are also leaving the Gulf.

Bessent said, “We believe the Iranians are releasing vessels, and a natural opening will occur. We are currently satisfied with this. We want the world to have sufficient supplies.”

The Treasury Secretary said he does not know when the Iran conflict will end. He said that after the war ends, crude oil prices will fall to “well below” $80 per barrel.

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