(March 16): The US is letting Iran continue to ship its oil via 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,” he was reported as saying. The Iran war is causing unprecedented turmoil in oil markets as traffic through the critical waterway — the export route for about a fifth of global supplies — remains almost halted. Benchmark Brent crude is trading above US$100 (RM393.30) a barrel for a third day following its most volatile week on record. Asked if there were ​any ⁠tools the Trump administration would use to mitigate higher oil prices — beyond the release of emergency reserves — Bessent said it would depend on how long ​the war lasts, according to CNBC.

Source: The Edge Markets March 16, 2026 14:59 UTC