Video News Clips: In Their Own Words

Brit Hume Explains Rising Oil Prices Despite Iran’s Weakened Military

Brit Hume Explains Rising Oil Prices Despite Iran’s Weakened Military (Screenshot/Fox News)

Fox News chief political analyst Brit Hume said Monday that the recent jump in oil prices stems more from uncertainty in global shipping markets than from Iran’s remaining military capability.

Brent crude, the global benchmark for oil prices, has surged 24% to more than $90 per barrel since Operation Epic Fury began, pushing U.S. gasoline prices higher. Hume said on “Special Report” that the situation centers on the strategic shipping corridor at the Strait of Hormuz, a critical passage for global oil transport.

“You get to the question of oil prices, which are a tangible and widely felt consequence of this conflict, that the American people feel very keenly every day. And obviously they’re eager to get that under control if they can, and I think that the fact here is that it’s not the Iranian military that’s keeping the Straits of Hormuz closed,” Hume told host Bret Baier. “It’s the worry that the ship insurers have about crossing the Straits of Hormuz and what might happen there in the midst of conflict. Once this subsides a bit, the U.S. military presumably would be able to offer escorts if needed.”

Hume said rising oil prices reflect short-term market uncertainty.

WATCH: 

“The president didn’t seem to think they might even be needed, but we’re not in a situation where there’s a massive oil shock worldwide,” Hume said. “I think he’s right to assess this as a short-term fact of life owing to the uncertainty created by the conflict, but it is something he has to deal with because oil prices are politically, exceedingly sensitive.”

Hume said President Donald Trump appears confident about the trajectory of the conflict after hearing updates from military commanders in the region.

“I think his [Trump’s] confidence is based obviously on what he’s hearing from the commanders over there that the mission is ahead of schedule, that they did far more in the first few days to wipe out Iran’s retaliatory capacity than they expected they might be able to and that there’s not a lot left over there to menace us,” Hume said.

Gas prices have climbed nationwide since the U.S. military launched Operation Epic Fury against Iran, pushing the national average to $3.47 per gallon, with drivers in California facing significantly higher costs. In a Thursday interview with Reuters, Trump said he is not worried about the spike, telling the outlet he expects prices to “drop very rapidly” once the conflict with Iran ends.

Trump said Monday that the conflict with Iran could end in the near future. During a press conference at the Doral Ballroom at Trump National Doral Miami resort in South Florida, Trump told reporters he does not expect the conflict to end this week but believes it will conclude “soon.”

(Featured Image Media Credit: Screenshot/Fox News)