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Hassett Predicts Oil Price Plunge After Hormuz Reopens

5/27/2026

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Summary

Story summary

Kevin Hassett (National Economic Council Director) said energy prices will plunge when Iran reopens the Strait of Hormuz.
Hassett said Gulf oil output and Saudi and UAE capacity will drive price declines.
The Strait of Hormuz carries nearly one-fifth of global oil supplies.
AAA reported U.S. gasoline price was $4.49, up from $3.18 a year earlier, while West Texas Intermediate and Brent futures fell to $90.68 and $97.22 per barrel.

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Story summary

Kevin Hassett (National Economic Council Director) said energy prices will plunge when Iran reopens the Strait of Hormuz.
Hassett said Gulf oil output and Saudi and UAE capacity will drive price declines.
The Strait of Hormuz carries nearly one-fifth of global oil supplies.
AAA reported U.S. gasoline price was $4.49, up from $3.18 a year earlier, while West Texas Intermediate and Brent futures fell to $90.68 and $97.22 per barrel.