Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping lane have not harmed the US economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
“You’re already seeing tankers starting to trickle through the strait, and I think that’s a sign of how little Iran has left,” he said.
“We’re very optimistic that it’s going to be over in the short term, and there will be price implications when it’s over for a few weeks as ships go to refineries.”
Hassett said there is concern that Asia may not export as much refined oil to the U.S. to cope with a drop in supply from the Middle East.
“We’re seeing some signs that they’re pulling it back to make sure they have enough power for themselves. And we have a plan for that,” he said.
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Trump postponed a meeting with Chinese President Xi Jinping on Monday to focus on the war in Iran.
Hassett said US action in Iran is in China’s interest.
“This is a case where the objectives of both countries are aligned, we want a stable world oil market,” he said. “When this war is over, which it will be soon, I’m sure they’ll get together and have a lot to talk about, and I think the Chinese will express some gratitude.”
(tags to translate)Iran(T)Iran War(T)Strait of Hormuz(T)World
