Posted on 03/16/2026 6:49:11 AM PDT by thegagline
The United States is allowing Iranian oil tankers to transit the Strait of Hormuz, Treasury Secretary Scott Bessent told CNBC on Monday.
“The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent said in an interview CNBC’s Brian Sullivan in Paris. The Treasury secretary is in France to hold trade talks with China. *** “We think that there will be a natural opening that the Iranians are letting out, and for now we’re fine with that. We want the world to be well supplied,” Bessent said. President Donald Trump is pressuring nations that rely on the Strait for oil to help the U.S. protect tankers from attacks by Iran.
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.
***
Brent oil prices the international benchmark, were hovering around $102 per barrel Monday. U.S. oil prices were trading around $95 per barrel.
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Why allow China cheap oil and the IRGC a cash lifeline?
Impound the tankers for the duration of hostilities.
Bomb the mainland oil pumps to Kharg!
Hello...McFly...Trump is negotiating.
Could be signs a surrender is happening already.
But maybe its some other reson.
The inside guys know what’s happening. But here from the outside, we kibbitz based on what we know and see.
I’m here to blow off steam and offer ideas in case they haven’t occurred to the inside guys.
The US is so interested in assuring the rest of the world that their oil supply is OK and I understand why. The rest of the world has given the US the middle finger when it comes to assisting with things like keeping the straits open and I understand that too - its not their war. But the end result of that is to the victor goes the spoils. If we win this war and take control of Iran’s oil, we decide were it goes and we profit from it. F everyone else including Europe, Japan and Australia, none of which is helping with the war effort.
“Impound the tankers for the duration of hostilities.
Bomb the mainland oil pumps to Kharg!”
I don’t want $10 gas, oil is a fungible commodity.
Well no one will be accusing you of being a deep thinker
Negotiating with whom? Every indication from the Administration is that we’re NOT negotiating.
At the very least, we could impose a tariff on these ships as they pass through the strait.
> Why allow China cheap oil and the IRGC a cash lifeline? <
Very good question.
My best guess is that a deal is in the works. China gets the oil, and we get…probably something really good in return. Time will tell.
I say this only because Trump is in charge. If it were Harris, we’d be getting something really bad in return.
“Why allow China cheap oil and the IRGC a cash lifeline? Impound the tankers for the duration of hostilities.”
My thoughts, exactly. We are keeping the revenue pipeline to the IRGC open? That is insane.
I’m tired of news about the straits
I’m tired of news about the straits
I thought they broke up years ago, after they did “On Every Street”.
Markets responding very positively to this news, and price of Crude Oil down about 6% today. These are the reasons for this move.
“Why allow China cheap oil and the IRGC a cash lifeline?”
I’m absolutely confident that there is a completely legitimate reason, it just hasn’t been revealed to general public yet.
In time if war, do we really need to know everything real time?
Just my 2 cent
I understand.
But that is literally the price we pay for oil dependency. Let the market function to signal us all what to do. Temporary gasoline price spikes happen.
I believe it is more strategically important to starve the IRGC of cash, and China of cheap oil, than the price of gas in my tank.
So we disagree about strategic priorities.
You want even more gay news?
;-)
CNBC is a rat op.
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