US presidential administration expects oil prices to decline rapidly after the opening of the Strait of Hormuz, which will occur before the midterm elections in early November 2026, said Kevin Hassett, head of the White House National Economic Council, APA reports.
"Once we open the strait, there will be a steady stream of oil coming out of the Gulf," he said in an interview with Fox News. "Overall, we expect oil prices to start to decline relatively quickly, and certainly before the elections."
