US energy secretary: Oil prices may peak in coming weeks

US Energy Secretary Chris Wright told the Semafor World Economy conference in Washington, DC, on Monday that oil prices could reach their peak in the coming weeks, as the blockade of the Strait of Hormuz continues to disrupt global energy supplies. “We’re going to see energy prices high – and maybe even rising – until we get meaningful ship traffic through the Strait of Hormuz,” Wright said. “That’ll probably hit the peak oil price at that time. That’s probably sometime in the next few weeks.”

No Quick Return to Normal

“Once the conflict ends and energy starts flowing again, you’ll start to see downward pressure. But it will take some time,” Wright added. He said President Trump understood that disrupting energy flows in the short term would push prices higher. Expectations for a rapid drop are unrealistic, he said, adding that “by the summer is an aggressive timeframe.” Oil markets have surged since the US‑Israeli war on Iran began on 28 February, with Tehran blocking access to the Strait of Hormuz to most foreign vessels.

Blockade and Failed Talks

In response, the US has imposed a naval blockade of Iranian ports after weekend talks in Islamabad aimed at ending the war collapsed, despite a Pakistani‑mediated two‑week ceasefire. US Central Command said the blockade will be enforced impartially against vessels entering or departing Iranian ports across the Arabian Gulf and Gulf of Oman.