The Director of the National Economic Council, Kevin Hassett, provided insights into the economic implications of the ongoing conflict in Iran during an interview on “Face the Nation” with Margaret Brennan on March 15, 2026. Hassett discussed the expected timeline for military operations and the potential economic fallout from the disruptions in oil supply.
Conflict Timeline and Economic Impact
Hassett confirmed that the Israeli Defense Forces (IDF) expect their combat operations to extend through early April, a timeline that aligns with assessments from U.S. defense officials. They anticipate that the mission could take about four to six weeks to complete. Hassett underscored that the U.S. economy remains resilient, stating, “America is in a very strong position” due to its significant oil production capabilities, contrasting sharply with the situation in the 1970s.
Despite the current turmoil, which has seen gasoline prices rise by over 20% since the conflict’s onset, Hassett emphasized that futures markets indicate a swift resolution, projecting potential decreases in oil prices as the situation stabilizes. He expressed optimism regarding market recovery, noting that “we expect that if Iran stops being this disruptive terrorist force… there will be a boom in oil production.”
Strategic Measures and Projections
Brennan highlighted the International Energy Agency’s characterization of the conflict as the largest supply disruption in the history of the global oil market. She raised concerns over rising consumer prices, particularly in the airline industry, where jet fuel costs are prompting airlines to increase ticket prices. Additionally, the American Farm Bureau has reported potential supply chain shocks that could exacerbate existing inflation pressures.
In response, Hassett outlined the government’s proactive measures to mitigate these economic impacts. He mentioned increasing permits for oil imports from Venezuela and sourcing fertilizers from Morocco to support agricultural needs. “We are looking at every scenario and we’ve got a plan for each scenario,” he stated, emphasizing a comprehensive strategy to manage energy supply and agricultural inputs.
As for the financial implications of military operations, Hassett acknowledged the Pentagon’s estimate of approximately $12 billion spent thus far. He noted that whether additional funding will be required from Congress is under review, although he indicated confidence in the current budget’s adequacy.
Hassett concluded with an assurance that the U.S. economy would not suffer due to the conflict, reinforcing the administration’s commitment to restoring stability in the region. He remarked, “The bottom line is that our economy has got all this momentum… and it is completely unacceptable that a government… would be blackmailing countries.” The interview highlighted the administration’s focus on maintaining economic strength amid geopolitical challenges.
