Donald Trump's economic advisor, Kevin Hassett, has expressed hope that the Strait of Hormuz could reopen and oil supplies return to normal within the next two months, paving the way for reconciliation between the US and Iran before June.
Hassett believes that a rapid reduction in energy prices will put downward pressure on inflation, making it easier for the Federal Reserve to cut interest rates.
The Strait of Hormuz has seen a significant decline in commercial vessel traffic since the US-Iran war began, with just nine ships observed passing through the strait since Thursday morning.
Iran's control over the vital waterway has been criticized by President Trump, who has ordered peace talks with Iran and faces midterm elections in November.
Inflation in the US rose sharply in March, with energy prices surging by 21.2% between February and March, the largest monthly increase since 1967.
