US Treasury Secretary Scott Bessent confirmed Monday that the United States is permitting Iranian oil tankers to transit the Strait of Hormuz.
“The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent told CNBC, noting that Indian and some Chinese vessels are also moving through the critical chokepoint.
The announcement comes amid the ongoing U.S.-Iran conflict, which began in late February when Iran closed the strait in response to hostilities, halting roughly 20% of global oil flows and driving Brent crude above $110 per barrel at its peak.
Bessent’s statement signals a pragmatic step to ease supply pressures on global markets and prevent further economic damage, even as the administration continues military operations against Iranian assets. Earlier reports indicated the U.S. Navy plans to escort commercial tankers—when militarily feasible—potentially alongside allies, though no full coalition has yet formed.
Oil prices dipped below $97 per barrel following the news, reflecting relief that limited flows, including from Iran itself, are resuming without immediate escalation.
The move underscores the reality that prolonged closure harms allies and neutral powers far more than Tehran, while high prices have already forced adjustments in Washington’s approach.