US: Majority of US-Iran conflict impact on oil market resolved

Washington (ANTARA) - US National Economic Council Director Kevin Hassett has said the impact of the conflict between the United States and Iran on the oil market has largely been resolved. “The impact (of the Middle East conflict) on the oil market, I think, has mostly been resolved,” Hassett told CNBC, as quoted by RIA Novosti on Monday. Hassett added that very large tankers have returned to transiting the Strait of Hormuz. Furthermore, the volume of oil passing through the sea lane last weekend nearly reached pre-war levels. “I think there is still work to be done at the moment,” Hassett said. Last week, the United States and Iran signed a memorandum of understanding online that regulates the cessation of military conflict from 28 February. The document also sets a deadline for the United States to lift the naval blockade of Iranian ports and for Iran to restore shipping traffic in the Strait of Hormuz. US Vice President J.D. Vance subsequently stated that 12.5 million barrels of oil had passed through the Strait of Hormuz in the early hours of Thursday (18/6), marking the highest volume since the start of the conflict with Iran.