The United States is allowing Iranian oil shipments to pass through the Strait of Hormuz despite rising tensions in the region, according to Scott Bessent.

The move comes as global oil markets face one of the biggest supply disruptions in recent history, driven by ongoing conflict involving Iran.

US allows tanker flows to support global supply

Bessent confirmed that Iranian tankers are continuing to transit the Strait of Hormuz with U.S. awareness and acceptance.

“We’ve let that happen to supply the rest of the world,” he said during an interview.

This decision signals that the U.S. is prioritizing global energy stability even as tensions in the region remain high.

Rather than restricting exports, officials appear focused on preventing a deeper supply crisis.

Tanker traffic remains sharply reduced

Despite this policy, shipping activity through the strait has dropped significantly.

Attacks on commercial vessels in the Persian Gulf have made the route riskier, discouraging many operators from passing through.

Still, Iran continues exporting around 1.5 million barrels of oil per day using the same route.

The U.S. expects that traffic may gradually increase before formal naval escort operations begin.

Some shipments continue to reach key markets

Even with disruptions, several countries are still receiving oil shipments.

Tankers supplying India have successfully passed through the strait, with additional vessels expected to arrive.

U.S. officials also believe that some Chinese ships are continuing to exit the Gulf with oil cargo.

Dozens of vessels carrying crude oil, liquefied petroleum gas, and natural gas are reportedly awaiting clearance to pass.

Strait of Hormuz remains a critical chokepoint

The Strait of Hormuz continues to play a central role in global energy flows.

Before the conflict, about 20 percent of the world’s oil supply moved through this narrow waterway.

Any disruption in this region immediately impacts global supply and pricing.

The current situation has already led to one of the largest supply shocks ever recorded.

Oil prices surge as supply tightens

Oil prices have climbed sharply since the conflict began.

Prices have surged by roughly 40 percent, reflecting reduced flows and increased uncertainty.

Brent crude has hovered above $100 per barrel, while U.S. oil prices remain close to $95.

The International Energy Agency estimates that global supply could fall by millions of barrels per day this month.

US expects prices to ease after the conflict

Bessent said oil prices could drop significantly once the conflict ends.

He expects prices to fall below $80 per barrel in a more stable environment.

However, he acknowledged that the timeline for resolution remains uncertain.

For now, the focus remains on keeping markets supplied and avoiding further price spikes.

No plans to intervene in oil trading

Bessent also addressed speculation about potential government intervention in oil markets.

He said the administration has not taken any steps to influence oil futures trading.

He also noted that it is unclear whether the U.S. even has the authority to do so.

This suggests that oil prices will continue to be driven primarily by market forces.

A delicate balance between conflict and supply

The US allowing Iranian oil tankers Strait of Hormuz approach reflects a careful balancing act between geopolitical pressure and economic stability.

While tensions remain high, maintaining the flow of oil has become a priority to prevent further disruption.

As the conflict evolves, global markets will continue to watch how this strategy impacts both supply and prices.