US President Donald Trump says the Strait of Hormuz could remain closed until September and beyond.
His comments to the New York Post mark a more dire assessment than many - including the global stock markets - had predicted.
But he said it was only a worst-case scenario.
'I think it could be [closed through Labor Day, Monday Sept, 7], but I think it’s unlikely. I think that we’ll have it. I think this will resolve itself fairly quickly'.
He further said that oil at $98 per barrel was 'not a big price to pay if you look at the possibility of them having a nuclear weapon'.
Trump stuck largely to optimistic framing and said talks with Iran are 'rapidly evolving'.
The global economy would likely suffer a severe slump if Hormuz remained closed for another four months. Economists warn oil shortages will eventually lead to a recession.
