Oil tankers are crossing the Strait of Hormuz, with Iran's efforts failing to impact the US economy, says White House adviser Kevin Hassett.
Oil tankers are moving through the Strait of Hormuz, and Iran's attempts to choke traffic have not damaged the US economy, White House economic adviser Kevin Hassett reported, according to Reuters.
Mr. Hassett stated that tankers were 'starting to dribble through' the straits, calling it a sign of Iran's weakening position. He reiterated the administration's view that the war should be over in weeks rather than months.
He added that while price repercussions are expected once shipments reach refineries, the White House remains optimistic about a short conflict. Mr. Hassett noted concern that Asia may reduce exports of refined oil to the US to secure its own energy supplies.
'We're seeing some signs that they might be pulling that back,' Mr. Hassett said, adding that Washington has contingency plans. He also mentioned that US action in Iran aligns with China's interests in stabilizing the world oil market.
US President Donald Trump postponed a meeting with Chinese President Xi Jinping to focus on the war. Mr. Hassett indicated that once the conflict ends, the two leaders will have much to discuss and suggested that China may express gratitude.
