Energy Secretary Chris Wright has expressed optimism about the conclusion of the ongoing conflict with Iran, suggesting it may end in the coming weeks. His remarks come as the United States grapples with escalating gas prices, a direct consequence of the conflict.
War Could Potentially End Soon, Says Wright
Wright, speaking on ABC News’ “This Week” with Martha Raddatz, indicated that the war with Iran could potentially end soon.
“I think that this conflict will certainly come to an end in the next few weeks. Could be sooner than that, but the conflict will come to the end in the next few weeks,” he said.
The conflict has significantly impacted global oil prices, primarily due to Iran’s control over the Strait of Hormuz, a vital oil passageway.
Naval Escort Possible, Says Wright
The Strait of Hormuz is a critical route for approximately 20% of the world’s oil supply. Iran’s effective closure of this passageway has caused U.S. gas prices to rise by an average of 76 cents per gallon since the conflict’s onset.
Wright mentioned the possibility of U.S. Navy intervention to escort oil tankers through the strait, potentially easing the situation.
Despite the expectation of decreasing gas prices in the coming weeks, Wright cautioned that there are no guarantees, stating, “There’s no guarantees in wars at all.” He described the current scenario as “short-term pain” leading to a “much better place.”
Consumer Confidence Takes A Dip
The conflict’s impact on consumer sentiment and commodity markets has been significant. According to a University of Michigan survey, consumer confidence has dipped, with gas price fears contributing to this decline.
Analysts at BMO Capital Markets also warned of disruptions in global commodities, with oil and fertilizers experiencing immediate price reactions.
Meanwhile, Jim Cramer has called for stronger U.S. military action against Iran, arguing that Tehran is leveraging energy markets during the conflict. He highlighted the risk of $200 oil, urging decisive military intervention.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock/ Checkin
Recent Comments