Kevin Hassett, director of the White House National Economic Council and top economic advisor to President Donald Trump, said on Friday that the United States has spent $12 billion on military operations against Iran since the campaign began with Israeli assistance on February 28.
Speaking in an interview, Hassett initially cited the figure before correcting it upward after a reporter noted that $5 billion alone was spent on munitions in the first week.
He acknowledged growing domestic concerns over rising fuel and food prices due to the ongoing conflict but insisted measures to contain inflation were already in place before the war started.
Markets have remained highly volatile since Iran threatened the Strait of Hormuz — through which nearly one-fifth of global oil supplies pass — with fears of prolonged blockades.
Hassett downplayed the risk to the US economy, stating, “America is not going to have its economy harmed by what the Iranians are doing,” adding that unlike the 1970s oil shocks, the US is now a major producer with “lots and lots of oil.”
Defence Secretary Pete Hegseth, meanwhile, warned that the bombardment of Iran is “about to surge dramatically”, signalling further escalation and rising costs ahead.
After a classified Senate briefing in early March, Senate Minority Leader Chuck Schumer expressed deep concern about “mission creep”, describing the session as “very unsatisfying” and noting that the administration provided “different answers every day” on the rationale for the strikes.
At least 1,444 people have been killed in Iran since the strikes began on February 28. Thirteen US soldiers have died, and more than 140 have been wounded.
