Strait of Hormuz, Trump and NATO allies
Digest more
President Trump is urging U.S. allies to help secure the Strait of Hormuz amid attacks that disrupt oil routes, leading to higher gas prices.
Scott Bessent, US Treasury Secretary, confirmed that Iranian oil tankers are permitted through the Strait of Hormuz. He noted a decrease in tanker movements but anticipates an increase as US naval forces prepare to escort merchant ships.
Traffic through the strait, normally the conduit for a fifth of global oil output, has been severely curtailed since the start of the Iran conflict. But Iran itself is shipping oil through the waterway in almost the same volumes as before the war,
WASHINGTON, March 16 (Reuters) - The United States is "fine" with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, Treasury Secretary Scott Bessent said on Monday, adding that any action to mitigate higher prices would depend on how long the Iran war lasts.