Large amounts of 13C‐depleted carbon were released to the oceans and atmosphere during a period of abrupt global warming at the Paleocene‐Eocene thermal maximum (PETM) (∼55 Ma). Investigations of qualitative sedimentologic and paleontologic redox proxies such as bioturbation and benthic assemblages from pelagic and hemipelagic sections suggest transient reductions in bottom water oxygen during this interval, possibly on a global scale. Here, we present bulk sediment manganese (Mn) and uranium (U) enrichment factors (EF) in Atlantic and Pacific deep‐sea cores to constrain relative paleoredox changes across the PETM. Mn EF range from 1 to 9 in Atlantic sites, 1 to 35 in Southern Ocean sites, and are at crustal averages (EF = 1) in Pacific sites. U EF range from 1 to 5 in Atlantic sites, 1 to 90 in Southern Ocean sites, and are at crustal averages in Pacific sites. Our results indicate suboxic conditions prior to, during, and in the recovery from the PETM at intermediate depth sites in the Atlantic and Southern Ocean while the Pacific sites remained relatively oxygenated. The difference in oxygenation between the Atlantic and Pacific sites leads us to suggest the source for isotopically light carbon release during the PETM was in the Atlantic. Key Points We measure concentrations of Mn and U in marine PETM sediments North Atlantic bottom waters were suboxic relative to the Pacific during the PETM The source of methane release during the PETM was likely in the North Atlantic