In a surprising move during heightened conflict, the United States is greenlighting Iranian oil tankers through the Strait of Hormuz. Treasury Secretary Scott Besant revealed this policy shift to prioritize global energy stability, even as clashes rage between Iran and US-Israel forces.
‘Fuel ships are flowing more freely now. Iranian tankers have cleared the strait, helping supply the world,’ Besant told CBS News. He pointed to activity from Indian and Chinese vessels, including recent Indian ships exiting the area, which should reassure heavy Gulf oil dependents like India.
West Asia’s volatility has driven crude prices to $100 per barrel, with the strait—a linchpin of global trade—under threat. Yet Besant anticipates smoother passages ahead. ‘We expect Iran to keep routes open naturally, and we’re content with the current setup to maintain adequate worldwide supply.’
Supporting measures include a 30-day exemption for 130 million barrels of Russian oil at sea. Allies like Saudi Arabia and UAE have pulled back Gulf exports, complemented by a record 400 million barrel drawdown from strategic reserves globally.
The secretary linked these actions to a larger strategy. Citing President Trump, he said the military campaign seeks to dismantle Iran’s government and armed forces, specifically targeting its ability to exert influence outside its territory.