The United States has spent approximately $12 billion on its military operations against Iran as the conflict enters its third week, according to Kevin Hassett, director of the White House National Economic Council.
In an interview with CBS's "Face the Nation" on Sunday, Hassett said, "Based on the latest briefing I received, approximately $12 billion has been spent in connection with the Iran operations." He did not provide details on what specific items the figure includes or how it was calculated.
The Pentagon previously reported to Congress that military operations launched on February 28 cost an estimated $11.3 billion in the first six days alone. The administration may need to request supplemental funding from Congress if operations continue.
Hassett downplayed concerns about additional spending. "The last figure I was briefed on was $12 billion, which is not significantly different from the $11.3 billion mentioned," he said. "Because current operations are utilizing already-deployed weapons systems, supplemental funding may not necessarily be required."
Regarding the timeline, Hassett addressed statements from the Israel Defense Forces that combat operations would continue until early April. "The White House receives briefings on the Iran war situation almost daily," he said. "Defense officials estimate it will take approximately four to six weeks to complete this operation."
He added that operations are progressing ahead of schedule. "About two weeks have already passed since the war began, so we're getting a clearer picture of when objectives will be achieved," Hassett said. However, he emphasized that the actual end date would ultimately be determined by President Donald Trump.
On energy markets, Hassett noted that gasoline spot prices are being affected by the Strait of Hormuz blockade. "But if you look at the futures market, participants expect this situation to conclude relatively quickly, followed by a significant drop in oil prices," he said.
"The futures curve shows a fairly steep decline in oil prices ahead," Hassett said. "I personally have rarely seen such a sharp downward trajectory priced in." He predicted oil futures would fall to $60 per barrel long-term, possibly below $50, "because if Iran stops acting as a disruptive force in the Middle East, we expect significant increases in oil production and industrial output."