The first signal regarding the unblocking of the Strait of Hormuz. Oil tankers “dribbling” slowly, White House says

Several oil tankers are currently transiting the Strait of Hormuz, and steps taken by Iran to block traffic on this crucial sea route for crude exports have not hurt the US economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration's position that the war should end in weeks, not months.

“Already we can see that oil tankers are starting to slowly 'dribble' through the strait, and I think it's a sign of how little Iran has left,” Hassett said, according to Reuters.

“We are very optimistic that this conflict will end in the short term, and then there will be price repercussions when it ends, for a few weeks, as the ships arrive at the refineries,” he added.

Hassett noted that there is concern that Asia may not export as much refined oil to the US to compensate for the drop in Middle East supply.

“We are seeing some signals that (Asian countries) may be reducing exports to make sure they have enough energy for themselves. And we have a plan for that,” added the economic adviser to US President Donald Trump.

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

Hassett said US military action against Iran is also in China's interest.

“This is a case where the goals of both countries are aligned, which is that we want a stable world oil market,” he said.

“When this war is over, which will be soon, I'm sure (Presidents Trump and Xi, no) will meet and have a lot to talk about, and hopefully then the Chinese will express their gratitude,” the White House economic adviser added.