financetom
Economy
financetom
/
Economy
/
Oil tankers 'starting to dribble through' Strait of Hormuz, says White House
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil tankers 'starting to dribble through' Strait of Hormuz, says White House
Mar 17, 2026 5:37 AM

WASHINGTON, March 17 (Reuters) - Oil tankers are crossing the Strait of Hormuz and Iran's actions to choke traffic through the shipping route have not hurt the U.S. 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.

"Already you're seeing tankers are starting to dribble through the straits, and I think it's a sign of how little Iran has left," he said.

"We're very optimistic that this is going to be over in the short run, and then there will be price repercussions when it is over for a few weeks, as the ships make it to the refineries."

Hassett said there is concern that Asia may not be exporting as much refined oil to the U.S. to handle a decrease in supply from the Middle East.

"We're seeing some signs that they might be pulling that back to make sure that they have enough energy for themselves. And we've got a plan for that," he said.

Trump on Monday postponed his meeting with Chinese President Xi Jinping to focus on the war in Iran.

Hassett said the U.S. action in Iran is in China's interest.

"This is one case where the objectives of both countries are aligned, that we want, you know, a stable world oil market," he said. "When this war is over, which will be sometime soon, I'm sure they'll get together and have a lot to talk about, and hopefully when the Chinese will express some gratitude."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US Dollar Rises Early Thursday Ahead of Jobless Claims, Federal Reserve Appearances
US Dollar Rises Early Thursday Ahead of Jobless Claims, Federal Reserve Appearances
Mar 26, 2026
07:24 AM EDT, 03/26/2026 (MT Newswires) -- The US dollar rose against its major trading partners early Thursday, except for a decline versus the yen, ahead of the release of weekly jobless claims at 8:30 am ET, followed by weekly natural gas stocks at 10:30 am ET and the Kansas City Federal Reserve's manufacturing reading for March at 11:00 am...
Wall Street bets US corporate earnings will withstand surging oil prices
Wall Street bets US corporate earnings will withstand surging oil prices
Mar 26, 2026
NEW YORK, March 26 (Reuters) - Wall Street is confident that strong corporate earnings will prop up stock prices that have slumped since the Iran war began and set oil prices surging, rekindling worries about inflation. The S&P 500 has dropped nearly 4% since the war began at the end of February, with oil prices jumping more than 30%. Despite...
US weekly jobless claims increase slightly
US weekly jobless claims increase slightly
Mar 26, 2026
WASHINGTON, March 26 (Reuters) - New applications for U.S. unemployment benefits rose slightly last week, suggesting the labor market remains stable and giving the Federal Reserve scope to hold interest rates steady while monitoring inflation risks linked to the Middle East conflict. Initial claims for state unemployment benefits increased 5,000 to a seasonally adjusted 210,000 for the week ended March...
How the Trump administration is testing Fed independence on bank rules
How the Trump administration is testing Fed independence on bank rules
Mar 26, 2026
WASHINGTON/NEW YORK, March 26 (Reuters) - While U.S. President Donald Trump has been brazen in his demands for the historically independent Federal Reserve to lower interest rates, his administration is also trying to quietly steer the central bank's policy in another critical area: oversight of Wall Street banks.  Aiming to ease bank rules introduced after the 2008 crisis that it...
Copyright 2023-2026 - www.financetom.com All Rights Reserved