Hassett predicts oil will flow through Strait of Hormuz in ‘a month or two’
Hassett predicts oil will flow through Strait of Hormuz in ‘a month or two’
Ryan ManciniSun, May 31, 2026 at 6:34 PM UTC
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National Economic Council Director Kevin Hassett on Sunday predicted that oil shipments will pass through the Strait of Hormuz in “a month or two,” while it has been closed off amid the U.S.-Israeli conflict in Iran.
Hassett told ABC’s Jonathan Karl on “This Week” that there is “a lot more traffic” passing through the strait now than there was two weeks ago.
“And so, the people in Pakistan and India that have refineries that are mostly shut down, they’re going to get their oil,” he said. “They turn the refineries up and then refine product prices will go down globally, and then it’ll spread from place to place. But, really, it’s like a month or two until everything gets back to the refineries.”
Iran’s closure of the strait has led gas prices to skyrocket since the conflict began in late February. Hassett said that these prices have not been “nearly as high as a lot of people forecasted because, in part, people have found ways to adjust.”
“There’s a big pipeline in Saudi Arabia that’s piping out more oil without having to go through the Gulf,” he added.
Hassett told Karl that Americans will have a positive outlook on their economic situation in the face of anxieties caused by the war’s economic impact on energy prices and the economy.
“Well, look, in the end, people look at their wallets and they decide how to vote, and if they look at their wallets and look at how much money they have after the increase in prices, they’re going to find that they have a lot more money,” he said, adding that he was hopeful the high prices will lower soon “and then things will go back to normal.”
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Hassett said last week on Fox Business Network’s “Mornings with Maria” that gas prices will “fall “plummet like nothing you’ve ever seen before” once the strait reopens.
“There’s so much oil sitting in the Gulf, there’s so much excess capacity in Saudi Arabia and [United Arab Emirates (UAE)], that prices should drop very, very quickly,” he told host Maria Bartiromo.
The national average for gas in the U.S. has slightly lowered to $4.34, having reached over $4.50 last week, according to data from AAA on Sunday. The national average last year was $3.15.
Energy Secretary Chris Wright said earlier this month that the strait will reopen “sometime this summer at the latest,” having said before that he was “avoiding” predictions on oil and gasoline prices while the U.S. is in a “negotiating period.”
Reopening the strait is a key component of the emerging deal between the U.S. and Iran. Both countries reached a tentative agreement to extend the fragile ceasefire by another 60 days.
President Trump last Friday said he was going to make a “final determination” on the potential deal during a meeting in the White House Situation Room. However, no update was provided following the meeting.
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