Hassett: Supply restrictions will ease, long-term oil prices are expected to decline

With oil prices skyrocketing due to ongoing tensions in the Strait of Hormuz, Kevin Hassett, director of the US National Economic Council, said that tensions related to Iran have hampered energy supplies and once the situation eases, oil prices should fall. He told CNBC, "My view is that I think energy production has been suppressed by Iran's behavior in the Middle East." He added, "When production starts to pick up, long-term oil prices will fall," while encouraging oil producers to "open the valves as much as possible now".