16 Mar 2026
The U.S. is currently allowing Iranian oil tankers to pass through the Strait of Hormuz to keep global markets supplied. Iran is still exporting around 1.5 million barrels per day, though tanker traffic in the region has dropped sharply due to attacks. Some ships supplying India and China are still moving through. Treasury Secretary Scott Bessent says the priority is preventing a global supply shock while tensions remain high. The Strait of Hormuz normally carries about 20% of the world’s oil, and oil prices have jumped roughly 40% since the conflict began, with Brent crude hovering around $102 per barrel. The expectation is that once the conflict stabilizes and shipping protection increases, oil prices could fall well below $80. The U.S. denies intervening in oil futures markets. For now, the strategy is simple: keep the oil flowing, stabilize global supply, and avoid a bigger crisis. Source: U.S. Treasury, market reports
