(March 16): The US is letting Iran continue to ship its oil via the Strait of Hormuz, Treasury Secretary Scott Bessent told CNBC on Monday.
“The Iranian ships have been getting out already and we’ve let that happen to supply the rest of the world,” he was reported as saying.
The Iran war is causing unprecedented turmoil in oil markets as traffic through the critical waterway — the export route for about a fifth of global supplies — remains almost halted. Benchmark Brent crude is trading above US$100 a barrel for a third day following its most volatile week on record. Prices are up about 40% since the conflict began.
Asked if there were any tools the Trump administration would use to mitigate higher oil prices — beyond the release of emergency reserves — Bessent said it would depend on how long the war lasts, according to CNBC.
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