Strait of Hormuz: U.S. allows Iranian tankers to transit, says Bessent

U.S. Treasury Secretary Scott Bessent said the White House is allowing certain tankers to transit the Strait of Hormuz and expects tanker traffic to increase before U.S. Navy escort missions are deployed. His comments come amid heightened maritime incidents and insurance withdrawals that have disrupted normal shipping patterns.

In interviews and public remarks, Bessent signaled that Washington is preparing a package of measures — including potential naval escorts and international coordination — to stabilize shipments through the chokepoint. Reporting from international outlets also noted that some countries have secured limited safe passages for specific vessels while broader convoy operations remain under planning.

The practical market effects have already surfaced: tanker transit volumes fell sharply after attacks and the effective denial of passage, driving up spot and futures prices for Brent and related benchmarks and increasing war-risk insurance costs. Analysts point to constrained short-term supply routes as the main driver of recent price volatility.

Strategically, the situation underscores the vulnerability of a maritime artery that carries a sizable portion of global crude exports. Actions such as targeted allowances for certain vessels, destruction of reported mine-laying capabilities and promises of escort missions reflect a mix of military, diplomatic and economic tools being mobilized to prevent a prolonged disruption to energy flows.

Market commentators expect that a return to more regular transit—supported by coordinated naval protection, restored insurance coverage and diplomatic de-escalation—would ease upward pressure on prices. Nevertheless, until such measures are verifiably in place, traders and logistics managers will likely price in a risk premium, keeping oil market sensitivity to developments in the Strait high in the near term.