US told of Iranian ship traffic through the blocked Strait of Hormuz
After the end of the conflict in the Middle East, the US expects oil prices to return to levels "well below" $80 a barrel - Brent crude is now trading above $100, according to the head of the US Treasury Department
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Iranian oil tankers are passing through Tehran's blocked Strait of Hormuz - the U.S. is not interfering with their traffic, U.S. Treasury Secretary Scott Bessent told CNBC.
Tankers "supplying [oil] to India" and "some Chinese vessels," among others, have passed through the strait, whose shipping has been severely disrupted since the escalation of conflict in the Middle East, according to a U.S. official.
Traffic through the Strait of Hormuz, according to Bessent, will resume faster than the U.S. executes its plan to escort commercial vessels for security purposes through the strait. "We believe there will be a natural opening [of Strait shipping] that the Iranians will allow, and so far we are fine with that. We want the world to be well supplied [with energy]," Bessent added.
On the back of his statements, Brent crude oil, which had jumped to $106.5 per barrel in early trading on March 16, fell to $102.6 and is now showing a slight decline from Friday's closing level. Futures for U.S. WTI crude for delivery in April also fell to $95 per barrel on March 16 (down more than 3% from the previous close), at an intraday high of $102.57.
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