US Treasury secretary Scott Bessent on Monday said Washington was prepared to tolerate the Iranian sales, despite existing US sanctions. “The Iranian ships have been getting out already and we have let that happen to supply the rest of the world,” he told CNBC.

Iran was also increasingly allowing Indian and potentially Chinese ships to pass through the strait. “We think that there will be a natural opening that the Iranians are letting out and for now we are fine with that. We want the world to be well supplied,” Bessent added.

The US has also removed its sanctions on Russian oil to try to calm the markets, a move that may lead to more competition for Iranian oil with Chinese refiners.

Yeah, we're cool with total capitulation, it's what the US was planning all along! Everything according to plan, nothing to see here folks.