WASHINGTON — The United States is permitting Iranian oil tankers to pass through the Strait of Hormuz to ensure the continuity of global oil supplies, Treasury Secretary Scott Bessent said on Monday.
“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 tankers transporting crude oil to India have already successfully navigated the strait, while some Chinese vessels are also believed to be passing through.
Bessent said the US administration anticipates that tanker traffic through the waterway will increase further in the coming days, prior to the initiation of escort operations by the US Navy and allied forces. The escorts are intended to protect commercial vessels navigating the strategic passage amid ongoing regional hostilities.
The Strait of Hormuz, a narrow maritime corridor connecting the Persian Gulf to the Gulf of Oman, is a critical conduit for global energy markets, with roughly 20 million barrels of oil transiting the strait each day. The passage has been effectively closed to standard commercial shipping since early March due to retaliatory strikes by Iran following joint US and Israeli military operations against Iranian targets.
These disruptions have pushed global oil prices higher, raising concerns about energy supply stability and the potential impact on food prices worldwide. Bessent emphasized that the decision to allow Iranian tankers to transit is aimed at mitigating these economic risks while maintaining flexibility to protect international shipping lanes.
The US and Israel launched coordinated attacks on Iranian military and nuclear infrastructure on February 28, killing around 1,300 people, including then-Supreme Leader Ali Khamenei. In response, Tehran has carried out multiple drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf nations hosting US military assets.
Iran has also declared that the Strait of Hormuz is effectively closed to most commercial shipping in retaliation for the attacks. The disruption has compounded international concerns over energy security, particularly for nations heavily reliant on Gulf oil, such as China and India.
Bessent did not provide detailed figures on the volume of oil currently transiting the strait but indicated that Iranian tankers’ movement is a “temporary measure” to stabilize global energy markets ahead of the broader plan to deploy naval escorts. These escort operations are designed to ensure the safe passage of commercial ships while deterring further escalation in the region.
Energy analysts have warned that prolonged disruptions to the strait could exacerbate supply shortages and further drive up global prices, intensifying inflationary pressures in countries already struggling with rising energy and food costs. Allowing Iranian tankers to transit the waterway is seen as a calculated move to prevent immediate crises while the US and its allies coordinate a more comprehensive maritime security approach.
The situation in the Strait of Hormuz has become a focal point for global economic and geopolitical tensions, reflecting the broader escalation in the Middle East since the February 28 attacks. Officials in Washington have repeatedly stressed the strategic importance of the strait for international energy markets and the need to maintain freedom of navigation for commercial vessels.
By permitting Iranian tankers to continue operations temporarily, the US aims to reduce immediate supply shocks while preparing for the deployment of naval forces to safeguard international shipping. Bessent’s comments underscore the delicate balance the administration is attempting to strike between managing the ongoing conflict and ensuring global energy security.
