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.
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.
Does anyone seriously believe a word coming out of the White House anymore?
What an odd article since Iran controls the strait. It is like saying, Peru is allowing Iranian ships through.
