Kevin Hassett, the US director of the National Economic Council and a top aide to President Donald Trump, said Sunday on CBS News' "Face the Nation" that the US is working to minimize the fallout for American consumers. Much of the instability in the oil market stems from the near-closure of the Strait of Hormuz, which Iran controls and through which about 20% of the world's petroleum passes. Fire later broke out near the Port of Fujairah in the United Arab Emirates, the only multipurpose maritime facility on the UAE's east coast and a major oil depot, on Saturday.
Author: Lauren Edmonds
Published at: 2026-03-15 22:35:12
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