An increasing number of oil tankers are headed through the embattled Strait of Hormuz and gasoline prices will drop once the ships reach Asia, National Economic Council Director Kevin Hassett predicted Sunday.

Mr. Hassett was upbeat about the economy in an interview on “Fox News Sunday,” batting away concerns about economic indicators that show a substantial number of consumers are suffering from high costs related to the rising price of fuel.

Mr. Hassett said prices will soon go down amid talks between the United States and Iran on ending the war and the stoppage of ships attempting to pass through the strait.

“We have ongoing negotiations. There are already a lot more ships getting through the straits than were getting through before,” he said.

Mr. Hassett appeared upbeat about opening the strait, as the war drags on into a fourth month.

U.S. and Iranian negotiators have been working on a compromise to end the war but have yet to secure a deal.

President Trump told Fox News on Saturday that he’s “no hurry,” to make a deal.

“I’d like to say I’m in a hurry, because prices will come tumbling down,” the president said on “My View with Lara Trump.” “But if you are in a hurry, you won’t make a good deal. Slowly but surely I think are getting what we want and if we don’t get what we want we will end it in a different way.”

Mr. Hassett said gas prices have spiked in part because U.S. oil refineries pivoted to producing more lucrative diesel and jet fuel to fill the shortages caused by the strait’s closure.

“As soon as the oil lands in Asia, then we expect those prices to reverse and gasoline production in the U.S. to go up,” he said.

The average price for a gallon of gas is about $4.34, up from $2.98 in late February. A barrel of oil costs in the mid-$80s to low-$90s, depending on the global benchmark, up from $70 before the war began.

According to Moody’s Analytics, the average American household has shelled out an additional $450 in fuel-related costs since the Iran war began in February.

A Fox News poll found 86% of Americans were burdened by the high price of gas. Consumer confidence has also taken a dive, according to the University of Michigan Survey of Consumers.

Mr. Hassett said the Michigan survey isn’t credible and said Americans are enjoying higher wages and near-record low unemployment numbers.

“Which means people aren’t losing their jobs. Real income is going up,” he said. “Those are the kinds of things that have historically led elections, not sentiment surveys from a bunch of liberals at the University of Michigan.”

Mr. Hassett viewed increased credit card delinquencies as a positive, arguing that the increased spending included restaurants and other non-essential activities.