WASHINGTON — In a recent statement, Energy Secretary Chris Wright expressed optimism that the recent spike in oil prices will subside “within the next few weeks” as tensions in Iran begin to ease. However, he avoided commenting on the possibility of prices reaching $200 per barrel.
Since President Trump launched a significant attack on Kharg Island, a key Iranian oil export hub, oil prices have been fluctuating around the $100 per barrel mark in the futures markets. The island is vital, with approximately 90% of Iran’s crude oil exports passing through it.
Speaking on ABC News’ “This Week” on Sunday, Wright stated, “This conflict will come to an end in the next few weeks, and we’ll see a rebound in supplies and a pushing down of prices after that.”
He acknowledged the short-term impact on prices, saying, “We were very aware, very aware, that we would have a short-term disruption that would cause a little bit of increased prices on Americans.” Wright also compared the current situation with the previous administration, noting, “Prices today are still far below where they were in the Biden administration, where they were begging, bartering, and bribing Iran to behave better.”
Reflecting on past price surges, Wright recalled when gasoline prices nearly hit $5 a gallon under the Biden administration but remained hopeful that such levels would not be seen again soon.
When questioned about Iran’s warning of oil prices potentially soaring to $200 a barrel, Wright chose not to address the scenario directly.
“I would pay no attention to what Iran says,” he told NBC’s “Meet the Press” Sunday when asked about the risks of oil prices broaching $200 a barrel.
