US Treasury Secretary Scott Bessent said today that the US is allowing Iranian oil tankers to pass through the Strait of Hormuz in order to preserve global oil supplies.
"Iranian ships have started to come out and we have allowed this to happen to supply the rest of the world," Bessent told CNBC, adding that tankers supplying India had already passed through the Strait of Hormuz and that some Chinese ships are believed to be passing through as well.
Bessent explained that the administration expected tanker traffic through the Strait to increase further before the US Navy and allied forces began escorting merchant ships through the waterway.
The Strait of Hormuz has been effectively closed to regular commercial shipping since early March due to Iranian retaliatory attacks, while attacks by the United States and Israel continue.
About 20 million barrels of oil pass through this sea strait every day and the disruptions have driven up global oil prices, raising concerns about energy supplies and food prices.
