Investing.com -- The United States is permitting Iranian oil tankers to pass through the Strait of Hormuz, Treasury Secretary Scott Bessent said in an interview with CNBC on Monday.

"The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world," Bessent told CNBC's Brian Sullivan.

Tanker traffic through the Strait has dropped as Iran attacks commercial ships in the Persian Gulf. The Islamic Republic has continued to export millions of barrels of oil through the narrow sea route despite the large U.S. Navy presence in the region. Iran exports about 1.5 million barrels per day.

The Trump administration expects tanker traffic through the Strait will rise before U.S. Navy and allied forces begin escorting commercial ships, Bessent said. Tankers that supply India have passed through the Strait, he said. The U.S. believes some Chinese ships are also exiting the Gulf, he said.

"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 he does not know when the Iran war will end. He said crude oil prices will fall "much lower" than $80 per barrel after the war is over.