WASHINGTON, April 23 (Bernama-Sputnik/RIA Novosti) -- United States (US) Treasury Secretary Scott Bessent said on Wednesday that petrol prices in the country are expected to decline once the conflict in the West Asia comes to an end, reported Sputnik/RIA Novosti.
"That is path dependent on when the conflict ends," Bessent said during a Senate hearing when asked how fast petrol prices could decrease.
He added that prices are likely to return to previous levels, or potentially even lower.
On February 28, the US and Israel launched strikes on targets in Iran, including in Tehran, causing damage and civilian casualties.
Iran responded by striking Israeli territory and US military facilities in West Asia.
The escalation has nearly halted traffic in the Strait of Hormuz, a key route for the delivery of oil and liquefied natural gas from Persian Gulf countries to global markets, driving up fuel prices.
On April 13, the US Navy began blockading all maritime traffic entering and exiting Iranian ports on both sides of the Strait of Hormuz.
Washington maintains that non-Iranian vessels are free to transit the waterway as long as they do not pay Tehran a toll.
Iranian authorities have not announced the imposition of a toll, but have discussed such plans.
-- BERNAMA-SPUTNIK/RIA NOVOSTI
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