Treasury Secretary Scott Bessent said in an interview with CNBC that the United States has been allowing Iranian oil tankers to transit the Strait of Hormuz.
Bessent told CNBC's Brian Sullivan that "The Iranian ships have been getting out already, and weve let that happen to supply the rest of the world." The comment underscores a U.S. posture that, at least for now, tolerates Iranian exports through the narrow waterway.
Commercial tanker traffic through the Strait has contracted amid a series of Iranian attacks on commercial ships operating in the Persian Gulf. Even so, the Islamic Republic has continued to flow millions of barrels of crude through the chokepoint. Bessent noted that Iran exports about 1.5 million barrels per day.
The Treasury secretary said the Trump administration expects tanker traffic through the Strait to rise ahead of the moment when U.S. Navy and allied forces begin escorting commercial ships. He said vessels supplying India have already moved through the Strait, and that U.S. officials believe some Chinese ships are also departing the Gulf.
"We think that there will be a natural opening that the Iranians are letting out, and for now were fine with that. We want the world to be well supplied," Bessent said.
Bessent declined to provide a timeline for the end of the Iran war, saying he does not know when it will conclude. He added that crude oil prices would fall "much lower" than $80 per barrel once the conflict is over.
The statements reflect a U.S. approach that balances a visible naval presence in the region with an interim tolerance for Iranian export movements, aiming to avoid immediate disruption to global oil availability while preparing to escalate protective measures for commercial shipping.
Contextual note: The account above is derived from remarks made by the Treasury secretary during the CNBC interview and summarizes the current position described in that exchange.