Bessent confirms U.S. lets Iran oil tankers sail Hormuz while blocking other traffic

Treasury Secretary Scott Bessent confirmed on March 16, 2026, that the U.S. was deliberately allowing Iranian oil tankers to transit the Strait of Hormuz to maintain global supply while blocking other commercial shipping. Bessent told CNBC "We've let that happen to supply the rest of the world," and said the administration was considering unsanctioning 140 million barrels of Iranian crude on the water. Critics noted the policy gave Iran continued oil revenue — an estimated $139 million per day — even as U.S. forces bombed Iranian military targets.