In a move to stabilize volatile energy markets, US Treasury Secretary Scott Bessent announced Monday that Washington is allowing Iranian oil tankers to pass through the Strait of Hormuz.
The decision comes as the administration seeks to prevent a global supply shock following recent regional escalation.
Speaking from Paris during trade talks, Bessent confirmed that the US is not currently blocking these shipments. “The Iranian ships have been getting out already and we’ve let that happen to supply the rest of the world,” Bessent told CNBC.
He noted that while the waterway has faced significant disruptions, some traffic is resuming.
“We are seeing more and more of the fuel ships start to go through,” he added, specifically pointing to vessels destined for India and China.
The Treasury Secretary emphasized that maintaining a steady flow of energy is the priority for the White House.
“We think that there will be a natural opening that the Iranians are letting out and for now we’re fine with that. We want the world to be well supplied,” Bessent stated.
This pragmatic approach appears to be a temporary measure to lower oil prices which have hovered above $100 per barrel since the conflict began.
