US Treasury Secretary Scott Bessent said on Monday that the United States is currently "fine" with certain Iranian, Indian, and Chinese ships passing through the Strait of Hormuz.

Axar.az reports, citing CNBC interview, Bessent noted that any measures to curb rising prices would depend on the duration of the Iran war.

“The Iranian ships have been getting out already, and we’ve let that happen to supply the rest of the world,” Bessent said.

Shipping through the Strait of Hormuz has dropped sharply as Iran has attacked commercial vessels in the Persian Gulf. Even with a significant U.S. naval presence in the region, Iran continues to export roughly 1.5 million barrels of crude per day.

“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.

The Treasury secretary said oil prices should fall “much lower” than $80 per barrel after the war is over.

Oil prices have surged about 40% since the U.S. and Israel attacked Iran two weeks ago.