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US Energy Secretary Chris Wright has said oil prices could reach their highest point in the weeks to come due to continuing disruptions in the Strait of Hormuz, according to Al Jazeera.
“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 at the Semafor World Economy conference in Washington, DC.
“That’ll probably hit the peak oil price at that time. That’s probably sometime in the next few weeks.”
Wright said prices would go back down once the US-Iran conflict ends and “energy starts flowing again”, but acknowledged it would take time, likely beyond September.
