From Quartz.

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Treasury Secretary Scott Bessent said Monday the U.S. has allowed Iranian oil tankers to transit the Strait of Hormuz to keep global supplies flowing. He told CNBC that Iranian oil shipments to India are moving, some Chinese vessels are exiting the Gulf, and commercial traffic could recover before any U.S. naval escort. Brent crude topped $100 a barrel Monday, WTI neared $95, and U.S. gas prices have risen about 25% since the war began. Bessent said oil should fall much lower than $80 once the conflict ends but offered no timeline and said the outcome would leave the world safer and better supplied. He added that the White House is not intervening in oil futures and has not identified a mechanism to do so. #oiltrade #straitofhormuz #iranoil #brentcrude #energymarkets

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