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According to White House economic adviser Kevin Hassett, oil tankers are navigating the Strait of Hormuz without significant obstruction from Iran, and any disruptions to this critical shipping lane haven’t adversely impacted the U.S. economy.
During a CNBC interview on Tuesday, Hassett expressed confidence that the ongoing conflict would conclude within weeks rather than extending into months, aligning with the optimistic outlook of President Donald Trump’s administration.
“We’re already observing some tankers trickling through the straits,” Hassett noted, suggesting this indicates a diminishing influence of Iran over the route.
He added, “We remain hopeful that the situation will be resolved shortly, although there could be temporary fluctuations in oil prices once the ships reach refineries.”
Hassett also highlighted concerns regarding Asia’s potential reduction in refined oil exports to the United States, which could be a challenge if there is a dip in Middle Eastern supply.
“We’re seeing some signs that they might be pulling that back to make sure that they have enough energy for themselves. And we’ve got a plan for that,” he said.
Trump on Monday postponed his meeting with Chinese President Xi Jinping to focus on the war in Iran.
Hassett said the US action in Iran is in China’s interest.
“This is one case where the objectives of both countries are aligned, that we want, you know, a stable world oil market,” he said.
“When this war is over, which will be sometime soon, I’m sure they’ll get together and have a lot to talk about, and hopefully the Chinese will express some gratitude.”
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