Trump loyalists The Council of Economic Forecasters chairman predicts a drastic drop in prices if the US-Iran war is over

U.S. President Donald Trump chats with soldiers of the 10th Combat Aviation Brigade after an air and weapons demonstration exercise at Fort Drum, New York, on Aug. 13. (U.S. Army photo by Sgt. Thomas Scaggs)

JAKARTA - Director of the US National Economic Council (US) Kevin Hassett said that claiming that prices would fall "dramatically" after the end of the US-Iran war.

"Imagine how much energy production in the Gulf region has been depressed over time because of the very large risk premium associated with Iran's bad behavior," he claimed during an interview session with CNBC News, Monday, April 20.

The US President Donald Trump's loyalist predicted a "new energy production explosion" that would lower the cost of goods in the US and globally if the US-Iran war ended.

"After this is completed, imagine the explosion of new energy production that can occur in the Middle East, which will drastically lower prices over time, including in the US," he continued.

Since the US-Israeli joint attack on Iran began on February 28, a fifth of the oil and liquefied natural gas lines in the Strait of Hormuz have been closed by Iran.

The US then imposed a blockade targeting ships going to and from Iranian ports in the Gulf waters, after US-Iranian peace negotiations in Islamabad, Pakistan, stalled.

The war, which has disrupted traffic in the Strait of Hormuz, has caused the supply of energy to many countries to be disrupted and has even caused an energy crisis.