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Bessent: "Allowing some vessels to pass through the Strait of Hormuz… oil prices depend on the duration of the war"

Minseung Kang

Summary

U.S. Treasury Secretary Scott Bessent said the U.S. government is effectively permitting some vessels to transit the Strait of Hormuz.
Bessent said it is allowing more fuel tankers and Indian vessels to depart, and expressed hope that global supplies of goods will be sufficient.
He said additional measures to ease rising oil prices and mitigate the war’s impact will depend on how long the war with Iran lasts.

The U.S. government said it is effectively permitting some vessels to transit the Strait of Hormuz. It added that whether to take additional steps to stabilize oil prices will depend on how long the war with Iran lasts.

According to Odaily, a virtual-asset (cryptocurrency) news outlet, U.S. Treasury Secretary Scott Bessent said on the 16th, "We are currently taking an 'approve' posture toward some vessels transiting the Strait of Hormuz."

He said, "More and more fuel tankers are getting underway," adding, "Iranian vessels sailed first, and we are allowing this so fuel can be supplied to other parts of the world." He added, "We are now seeing Indian vessels sail as well."

Secretary Bessent said, "Until a separate fleet or escort system emerges in the Gulf region, this flow will expand gradually," adding, "We believe the Iranian side will naturally move toward concessions. We are satisfied with the current situation and hope global supplies of goods are sufficient."

He was cautious about the possibility that the Trump administration could deploy additional tools beyond releases from the Strategic Petroleum Reserve. "Any additional measures to mitigate rising oil prices and the impact of the war will depend on how long the conflict lasts," he said.