Energy Secretary Chris Wright warned of a surge in the price of oil and energy over the coming days if shipping in the disputed Strait of Hormuz doesn’t resume.
“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 on April 13.
He added that “that’ll probably hit the peak oil price at that time,” which will be “probably sometime in the next few weeks.”
“Once the conflict ends and energy starts flowing again, you’ll start to see downward pressure. But it will take some time,” Wright said….
US Energy Secretary Warns of Oil Price Surge Until Shipping Resumes in Strait of Hormuz
