JAKARTA - Director of the United States National Economic Council Kevin Hasseth said the impact of the conflict between the United States and Iran on the oil market has largely been resolved.
"The impact (of the conflict in the Middle East) on the oil market, in my opinion, has largely been overcome," Hassett told CNBC as quoted by RIA Novosti, Monday, June 22.
As reported by ANTARA, Hasseth said very large tankers had returned across the Strait of Hormuz. In addition, the volume of oil crossing the sea route last weekend almost reached the pre-war level.
"In my opinion, there is still work to be done," Hassett said.
Last week, the United States and Iran signed an online memorandum of understanding that regulates the cessation of military conflict since February 28.
The document also sets a deadline for the United States to lift its blockade of Iran's ports and for Iran to restore shipping traffic in the Strait of Hormuz.
US Vice President J.D. Vance later said 12.5 million barrels of oil had crossed the Strait of Hormuz early Thursday, marking the highest volume since the start of the conflict with Iran.
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