The United States is letting Iranian oil tankers continue moving through the Strait of Hormuz despite the ongoing conflict, with officials signalling a priority to keep global fuel supplies stable as prices climb.
The move comes at a time when crude prices have surged to around $100 a barrel, raising concerns about disruptions in one of the world’s most crucial shipping lanes. Washington appears to be balancing its military campaign with the need to prevent a wider energy shock.
US Treasury Secretary Scott Bessent said the passage of fuel shipments through the strait has already begun to pick up. “We are seeing more and more of the fuel ships start to go through. The Iranian ships have been getting out already. And we’ve let that happen to supply the rest of the world,” he told CBS News.
He noted that vessels from major importers, including India and China, are also using the route. “We’ve seen Indian ships go out now. So the Indians who rely very heavily on Gulf oil, we believe some Chinese ships have gone out,” Bessent said, underlining Asia’s heavy dependence on Gulf oil.
US bets on steady flow to cool oil prices
Bessent indicated that Washington expects shipping activity to increase gradually without requiring military escorts. According to him, there are early signs that Iran itself is allowing a controlled flow of tankers. “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,” he said.
To ease supply concerns, the US has also issued a temporary waiver for Russian oil already at sea. “We gave a 30-day waiver for Russian oil that was already on the water. It was about 130 million barrels,” he said.
Responding to criticism over easing restrictions, Bessent argued that stable prices may actually limit Russia’s earnings. He suggested that a sharp spike in oil rates could benefit Moscow more than controlled prices in the current range.
“If oil spikes to $150, but Putin was getting 70 per cent of that, or oil stays at 95 to a hundred, where’s he getting more money if it spikes to 150?” he said.
He added that while there is a supply gap in the global market, it remains manageable. Oil producers such as Saudi Arabia and the United Arab Emirates have redirected some shipments, while countries have also drawn from strategic petroleum reserves. “The global SPR release largest ever, it was 400 million barrels,” Bessent said.
Wider conflict and uncertainty around Iran’s leadership
Bessent linked the broader US military campaign to efforts aimed at weakening Iran’s ability to project influence beyond its borders. He said the objective is to degrade the regime’s military capabilities.
He also described Iran as a key player in global militancy, pointing to its connections with proxy groups across regions.
At the same time, he downplayed the idea of a coordinated response from Tehran, suggesting internal instability. “We believe that the current ayatollah is injured… and maybe incapacitated,” he said.
The Strait of Hormuz remains a critical artery for global energy trade, handling a significant share of oil and gas shipments. Any disruption there has immediate ripple effects, especially for Asian economies such as India that rely heavily on Gulf crude.