U.S. is allowing Iranian tankers through Strait of Hormuz, says Bessent

The United States is allowing Iranian oil tankers to transit the Strait of Hormuz, Treasury Secretary Scott Bessent told CNBC in an interview 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's Brian Sullivan.

Tanker traffic through the Strait has plunged as Iran attacks commercial ships in the Persian Gulf. But the Islamic Republic has continued to export millions of barrels of oil through the narrow sea route despite the large U.S. Navy presence in the region.

The Trump administration believes traffic through the Strait, which connects the Gulf to the world market, should start increasing before U.S. Navy and allied forces escort commercial ships, Bessent said.

"We think that there will be a natural opening that the Iranians are letting out, and for now we're fine with that. We want the world to be well supplied," Bessent said.

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