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WASHINGTON DC - The United States government has stated that the impact of its recent conflict with Iran on global oil markets has been largely contained, citing the recovery of maritime traffic and energy shipments through the strategically important Strait of Hormuz.
Speaking to CNBC on Monday, June 22, Director of the U.S. National Economic Council Kevin Hassett said that the immediate effects of tensions in the Middle East on oil prices and supply chains appear to have diminished significantly. According to Hassett, market participants have responded positively to signs that energy transportation routes are returning to normal operations.
"The impact of the Middle East conflict on the oil market has, in my view, largely been addressed," Hassett said during the interview.
One of the key indicators highlighted by U.S. officials is the resumption of tanker movements through the Strait of Hormuz, one of the world's most critical maritime chokepoints for energy exports. Hassett noted that very large crude carriers have resumed transiting the waterway and that the volume of oil transported through the strait over the weekend approached levels seen before the conflict escalated.
Despite the improvement, Hassett cautioned that additional efforts are still required to ensure long-term stability and prevent further disruptions to global energy supplies. He emphasized that policymakers and international stakeholders continue to monitor developments closely.
The Strait of Hormuz plays a vital role in global energy security, serving as the primary route for a significant share of the world's seaborne oil exports. Any disruption in the area can trigger concerns over supply shortages, increase transportation costs, and contribute to volatility in international energy markets.
The latest comments come after the United States and Iran signed a memorandum of understanding online last week aimed at ending military hostilities that had been ongoing since February 28. The agreement established a framework for de-escalation and outlined steps intended to restore stability in the region.
Under the terms of the memorandum, the United States committed to lifting its naval blockade affecting Iranian ports within an agreed timeframe. In return, Iran agreed to facilitate the restoration of commercial shipping traffic through the Strait of Hormuz, helping to ensure the safe passage of oil tankers and cargo vessels.
Further evidence of improving conditions was provided by U.S. Vice President J.D. Vance, who reported that approximately 12.5 million barrels of oil passed through the Strait of Hormuz during the early hours of June 18. According to Vance, this represented the highest recorded volume since the conflict with Iran began, signaling renewed confidence among shipping operators and energy traders.
Analysts are expected to continue monitoring oil flows, shipping activity, and geopolitical developments in the Gulf region. While recent data suggest that the immediate threat to global energy markets has eased, experts note that the Strait of Hormuz remains a sensitive strategic corridor where future tensions could once again influence oil prices and international trade.
