The secretary said there would also be a ‘pushing down of prices after that.’
U.S. Energy Secretary Chris Wright said the U.S. conflict in Iran will likely come to an end in the “next few weeks” amid uncertainty about oil prices linked to whether the strategic Strait of Hormuz could be kept open.
“I think that this conflict will certainly come to an end in the next few weeks,” Wright told ABC News’ “This Week” on Sunday. “Could be sooner than that, but the conflict will come to the end in the next few weeks.”
Wright, responding to a question about elevated gas prices in the United States, said that the war’s end could lead to a “pushing down of prices after that.”
The war started on Feb. 28 as the U.S. and Israeli militaries pounded targets in Iran, killing a number of its leaders including regime leader Ali Khamenei. Iran has responded by firing missiles and drones at countries in the Middle East as well as targeting commercial oil vessels in the Strait of Hormuz, which has led to a significant drop in traffic through the waterway.
Iran’s new leader, Mojtaba Khamenei, released a statement last week through state-run media that Iran would keep the strait closed as the war continues. He also said that Iran would continue to launch attacks on its Persian Gulf neighbors.
Iran’s foreign minister on March 15 stated that the Strait of Hormuz was open to all traffic except U.S. and Israeli ships.
Last week, oil prices hovered around $100 per barrel, which sent the average nationwide regular gasoline prices up more than 50 cents since the conflict started.
With the U.S.–Israeli war on Iran in its third week, President Donald Trump said U.S. strikes had “totally demolished” much of Kharg Island, a critical hub for Iranian oil exports, and warned of more potential strikes.
Trump also told NBC News that Tehran appeared ready to make a deal to end the fighting but that “the terms aren’t good enough yet,” also raising the possibility that Mojtaba Khamenei may have been killed.
However, Iranian Foreign Minister Abbas Araqchi said Mojtaba Khamenei, who has not been seen in public since he was named as the leader, was in full health and managing the situation.
