'US allowing Iranian oil tankers through Strait of Hormuz to maintain global supply', says Scott Bessent

The United States is allowing Iranian oil tankers to continue passing through the Strait of Hormuz to maintain global oil supply, US Treasury Secretary Scott Bessent said on Monday (March 16) in an interview with CNBC. “The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent told CNBC’s Brian Sullivan. Tanker traffic through the key shipping route has dropped sharply as Iran continues to attack commercial vessels in the Persian Gulf. Despite tensions and the presence of the U.S. Navy in the region, Iran has continued to export millions of barrels of oil through the narrow passage. Iran currently exports around 1.5 million barrels per day.

According to Bessent, the Trump administration expects tanker traffic through the Strait of Hormuz to increase before US and allied naval forces begin escorting commercial vessels. He added that tankers delivering oil to India have already moved through the Strait, and US officials believe some Chinese vessels are also leaving the Gulf. “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 said.

Also Read: WATCH | Indian LPG tanker Shivalik arrives at Mundra Port after safe transit via Strait of Hormuz

Bessent also expressed expectations that oil prices could drop significantly after the conflict ends. “The world will be safer, and we will be better supplied,” he said, adding that prices could fall “much lower” than $80 per barrel once the war is over. However, he noted that he does not know when the conflict will end. Bessent also dismissed speculation that the administration might step into oil futures markets. “We haven’t done that,” the Treasury secretary said. He added that it remains unclear what legal authority the US government would even have to intervene in such trading.

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