US downplays Iran's Hormuz disruption

2026-03-17 - 14:01

Shafaq News- Washington Iran’s attempts to disrupt shipping through the Strait of Hormuz have not hurt the US economy, White House economic adviser Kevin Hassett said on Tuesday. Speaking to CNBC, he noted that oil tankers have resumed transits through the waterway, indicating a partial recovery in traffic and reduced Iranian leverage. The administration expects the conflict to end soon, Hassett said, adding that oil prices could face short-term volatility as shipments reach refineries. He also warned that Asian suppliers may cut refined fuel exports to the US to secure domestic demand, citing signs they may “hold back to ensure their own energy needs,” while stressing that Washington has contingency plans to manage any disruption. The Strait of Hormuz carries about 20% of global oil and roughly 4.5% of trade. Iranian restrictions have slowed traffic and pushed oil prices above $104 per barrel, though some countries, including India and Turkiye, have secured clearance to transit under new coordination rules.