Hassett says Iran’s economy ‘on the ropes,’ hopes Strait of Hormuz will reopen soon

Kevin Hassett, director of the National Economic Council, said he’s hopeful the Strait of Hormuz will reopen soon, pointing to the economic stress that Tehran leaders face because of President Trump’s blockade.

Mr. Hassett noted Iran is buckling from its inability to ship oil and other vital goods. 

He said any sensible leader would relent and reopen critical waterways, easing energy shortfalls across the globe.

“Our expectation is that supply will increase rapidly once the straits are open,” he told White House reporters on Thursday. “We are extremely hopeful. If you look at the Iranian economy now, it’s extremely on the ropes. They are having hyperinflation. They are running out of food.

“The leadership of any country that cares at all about its citizens should make a deal,” he said.

Mr. Trump is blockading Iranian ports while he presses Tehran to agree to a peace proposal that would prevent Iran from obtaining a nuclear weapon. 

In response, Iran is restricting oil traffic through Hormuz, resulting in higher energy prices worldwide.

Brent crude oil, an international benchmark, traded well above $120 per barrel for a while on Thursday before receding to about $115.

The national average price of a gallon of gas in the U.S. reached $4.30 on Thursday, up 27 cents from a week ago, according to the AAA motor club.

The U.S. and Israel launched their military campaign against Iran on Feb. 28 to prevent the Islamic republic from obtaining nukes. They also want to curtail Iran’s missile program and support for terror proxies in the Middle East.

Defense Secretary Pete Hegseth, in his second straight day of testimony on Capitol Hill, said that “the biggest adversary we face at this point are the reckless naysayers and defeatist words of congressional Democrats and some Republicans.”

Democratic leaders took umbrage at those remarks, saying the administration is in over its head in the Middle East.

“You got us into this mess, you can’t get us out of this mess, and now you’re pointing a finger,” Senate Minority Leader Charles E. Schumer, New York Democrat, said. “People don’t buy that. Maybe a few MAGA listeners of Fox News do, but not anybody else.”