Washington, March 17: The United States is allowing Iranian oil tankers to pass through the Strait of Hormuz despite ongoing regional tensions, in an effort to maintain stability in global energy supplies, US Treasury Secretary Scott Bessent said.
In an interview with CBS News, Bessent said fuel shipments have gradually resumed through the key maritime route, including vessels from Iran, India, and China. He noted that allowing tankers to move freely is aimed at ensuring adequate oil supply to global markets, particularly for major importers such as India that rely heavily on Gulf crude.
The comments come as oil prices surged, with WTI Crude Oil touching around $100 per barrel amid concerns over disruptions in one of the world’s most critical shipping choke points.
To ease supply pressures, Washington has also issued a 30-day waiver allowing Russian oil shipments already at sea to reach markets, covering about 130 million barrels. Bessent argued that maintaining stable oil prices helps limit revenues for Moscow compared to a sharp price spike.
He added that global supply deficits remain manageable and are being offset by measures such as export redirection by Saudi Arabia and the United Arab Emirates, along with coordinated releases from strategic petroleum reserves worldwide.
The Strait of Hormuz handles nearly 20% of global oil and gas shipments, making uninterrupted shipping crucial for energy markets. Asian economies, including India and China, remain particularly exposed due to their dependence on Gulf energy supplies.
