Emirates 24/7 — U.S. Energy Secretary Chris Wright stated on Thursday that global oil prices are unlikely to reach $200 per barrel, despite the ongoing military escalation and the disruption of maritime traffic through the Strait of Hormuz.
While Wright played down the prospect of a $200 peak, President Donald Trump noted that the United States, as the world's largest oil producer, is gaining significantly from the price surge caused by the conflict. Oil prices jumped more than 9% on Thursday, nearing the $100 mark, as the war intensified with reports of two tankers being attacked in Iraqi waters and dozens of vessels remaining stranded due to the blockade of the vital waterway.
In an interview with CNN, Wright responded to warnings from Iranian officials regarding a potential price explosion, stating, "I think that’s unlikely, but we are focused on the military operation and resolving the problem." Meanwhile, Trump urged oil companies to continue navigating the Strait of Hormuz despite the risks. Wright later clarified to CNBC that while the U.S. Navy cannot currently provide escorts, such operations are "very likely" to commence by the end of the month.