National Economic Council Secretary Kevin Hassett speaks to reporters outside the West Wing of the White House on February 11, 2026 in Washington, DC. The Bureau of Labor Statistics announced that the United States added 130,000 jobs in January.
Anna Moneymaker | Getty Images
Kevin Hassett, President Donald Trump’s chief economic adviser, said Thursday that getting even one oil tanker through the Strait of Hormuz would provide “a huge chunk of what’s missing” amid a global supply shortage caused by the U.S.-Israel war.
White House National Economic Council Chairman Hassett made the assertion as traffic through the key shipping lane remains severely restricted, even though the United States and Iran have reached a fragile ceasefire that ostensibly includes the reopening of the strait.
Before the war began on February 28, more than 100 commercial ships, mostly oil tankers, were passing through the strait every day, according to Kpler data.
Matt Smith, chief oil analyst at Kpler, said only two tankers, one of them Iranian, and a few bulk carriers have passed through the waterway since the two-week cease-fire was announced Tuesday evening.
It is within the meager traffic range seen during the war and remains a key source of influence for Iran, despite enduring military attacks by the United States and Israel.
The closure of the strait, which normally carries 20% of the world’s oil, has caused global energy prices to soar. Oil prices plunged on news of the ceasefire, but rose back above $100 a barrel on Thursday.
“We have an agreement with Iran that they will open the Strait of Hormuz and there will be a ceasefire,” Hassett said in an interview on Fox Business Thursday morning.
“They’re saying they’re going to start allowing more ships to sail,” Hassett said of Iran.
“Whether that’s true or not, we’re going to watch the day go by, keeping in mind the fact that if we can get through the big tankers, we’re going to have 2 million barrels. So that’s a big part of what we’re missing,” he said.
Before the war, about 20 million barrels of oil per day passed through the strait. And since the war began on February 28, hundreds of millions of barrels have flown off the market due to the inability to ship them from the Persian Gulf, said Amena Bakr, Middle East and OPEC expert at Kupler.
“At the end of the day, I don’t think we’ll have complete clarity until we finish the negotiations,” Hassett added, referring to negotiations scheduled to begin this weekend in Islamabad, Pakistan.
“We fully expect that if the Iranian people behave normally, we have a lot on the table that we are willing to offer to help them. Hopefully, there are calm heads and sound thinking on the Iranian side and we can get a final deal this weekend.”
Hassett’s comments came a day after Defense Secretary Pete Hegseth said, “What has been agreed upon and what has been stated is that the Strait is open.”
White House press secretary Caroline Levitt said late Wednesday that the U.S. is “seeing increased traffic in the Strait today.”
“I would like to reiterate the President’s hopes and demands that the Strait of Hormuz be reopened immediately, swiftly and safely,” Levitt said amid the ceasefire. She denied Iranian state news reports that oil tanker sailings had been halted following Israel’s attack on Lebanon.
President Trump announced a two-week ceasefire on Tuesday night, just before a deadline for Iran to strike a deal or face the destruction of “an entire civilization.”
In a post on Truth Social, President Trump said the temporary ceasefire was “conditional on the Islamic Republic of Iran agreeing to the full, immediate and safe opening of the Strait of Hormuz.”
But experts and maritime industry leaders say traffic in the strait has not increased since the ceasefire took effect.
“To be clear, the Strait of Hormuz is not open. Access is restricted, conditioned and controlled,” Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Company, told CNBC’s “Squawk Box” on Thursday morning.
Al-Jaber said ships passing through the strait must receive permission from Iran, but he has been told that Iran plans to impose new tolls on ships passing through.
“It’s not freedom of navigation. It’s coercion,” he said.
Iran on Wednesday accused the United States of violating a cease-fire agreement by violating some of Tehran’s 10-point proposals for a cessation of hostilities.
