White House economic adviser Kevin Hassett said oil tankers are beginning to cross the Strait of Hormuz and that Iran's blockade efforts have not damaged the U.S. economy, characterizing the movement as a sign of Iran's weakening position. Hassett told CNBC he expects the conflict to end within weeks and predicted temporary oil price increases once ships resume normal transit to refineries.
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White House economic adviser Kevin Hassett said oil tankers are beginning to cross the Strait of Hormuz and that Iran's blockade efforts have not damaged the U.S. economy, characterizing the movement as a sign of Iran's weakening position. Hassett told CNBC he expects the conflict to end within weeks and predicted temporary oil price increases once ships resume normal transit to refineries.