U.S. Treasury Secretary Scott Bessent said the United States is taking steps aimed at stabilizing global energy markets by allowing Iranian oil tankers to continue moving through the Strait of Hormuz. Speaking in an interview with CNBC, Bessent explained that maintaining the flow of oil is important for global supply, even as tensions in the region have disrupted commercial shipping and raised concerns about energy availability.
Bessent noted that while tanker traffic through the strait has declined due to regional security concerns, some shipments are still continuing. Iran is reportedly exporting significant volumes of oil through the narrow waterway, and the U.S. expects shipping activity to gradually increase. He added that some tankers supplying countries such as India, as well as vessels linked to China, have continued to transit the route.
The Treasury secretary said the current approach is intended to support global energy stability while broader security efforts develop. His comments align with the position of former President Donald Trump, who has encouraged countries that rely on the strait to contribute more to protecting it. The Strait of Hormuz remains a critical global shipping lane, historically handling a large share of the world’s oil supply.
Recent disruptions have contributed to rising oil prices, with global benchmarks increasing significantly in recent weeks. However, Bessent expressed optimism that prices could ease once tensions subside and normal shipping patterns resume.
He also clarified that the administration is not intervening in oil futures markets, emphasizing that current efforts are focused on maintaining supply and supporting long-term market stability.