The White House believes tanker traffic through the Strait of Hormuz will increase before Navy escorts are deployed, Treasury Secretary Scott Bessent said.

The United States is allowing Iranian oil tankers to transit the Strait of Hormuz, Treasury Secretary Scott Bessent told CNBC on Monday.

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. Iran exports about 1.5 million barrels per day.

The strait, which connects the gulf to the global market, is the most important trade route for oil in the world. About 20% of global oil supplies passed through the narrow waterway before the war.

Oil prices have surged about 40% since the U.S. and Israel attacked Iran two weeks ago. The war has triggered the largest oil supply disruption in history as exports through the strait have collapsed, according to the International Energy Agency. Global oil supplies are expected to plunge by 8 million barrels per day this month, according to the IEA.

  • Akh@lemmy.world
    321·
    3 days ago

    What an odd article since Iran controls the strait. It is like saying, Peru is allowing Iranian ships through.

    • Insekticus@aussie.zone
      14·
      3 days ago

      Mainstream media is trying their best to not piss off Kegsbreath and make it look like the U.S. hasn’t completely fumbled their distraction from the Epstein files war in Iran.

  • Professorozone@lemmy.world
    22·
    3 days ago

    So we attack Iran and then allow only THEM to export oil in the region? I mean WTF? And then the administration acts like this is part of the plan. AND… they think people are OK with this? I’m just…I can’t even think right now.

    • nova_ad_vitum@lemmy.ca
      7·
      2 days ago

      Presumably the US would allow any other tankers to pass. They don’t want to block other countries. The remarkable thing is that they’re allowing Iranian tankers to pass, and the reason is that blocking them is basically an act of was against China.

  • RestrictedAccount@lemmy.world
    5·
    2 days ago

    Not a defense but an explanation

    1. The oil on those tankers belongs to someone. The US would have to steal Indian, Chinese, or someone else’s oil if they seized those tankers. This would cause even more chaos.

    2. The price of the little remaining unsold oil outside of the Persian Gulf (the spot price for oil) would skyrocket.

  • ButtermilkBiscuit@feddit.nl
    2·
    2 days ago

    You can’t break up with me, I break up with you first!!!

    There are no adults in the room. They’re playing tictactoe with WWIII