The US is allowing Iranian oil tankers to transit the Strait of Hormuz in order to maintain global oil supplies, Treasury Secretary Scott Bessent said 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, adding that tankers supplying India had already made the crossing and that some Chinese vessels were also believed to be getting through.
Bessent said the administration expected tanker traffic through the strait to increase further before the US Navy and allied forces begin escorting commercial ships through the waterway.
The Strait of Hormuz has been effectively closed to regular commercial shipping since early March amid Iranian retaliatory strikes as US-Israeli strikes continue.
Around 20 million barrels of oil pass through the waterway daily, and disruptions have pushed global oil prices up, raising concerns about energy supplies and food prices.
By Yasin Gungor
Anadolu Agency
energy@aa.com.tr