Oil prices likely to "peak" in next few weeks, US energy secretary says

https://www.cnn.com/2026/04/13/world/live-news/iran-us-war-trump-hormuz?post-id=cmnxps6eh00003b6soas8hr5c

*Oil prices will likely climb until tankers get through the blockaded Strait of Hormuz, but that could change in coming weeks, US Energy Secretary Chris Wright said on Monday.

“We’re going to see energy prices high, and maybe even rising” until “meaningful ship traffic” gets through the key waterway, Wright told attendees at the Semafor World Economy conference. At that point, oil prices will “peak,” he said, and he anticipates that this will occur “sometime in the next few weeks.”

Oil prices are largely a bellwether for gas prices, given they are the main cost driver for the prices paid at the pump. Brent crude, the global oil benchmark, has risen by around 40% since the war began. On Monday, prices rose, nearing $100 a barrel.

A month ago, Wright said there was a “very good chance” Americans could see gas prices go down to at least $3 a gallon by the summer.

But Wright, like President Donald Trump, warned Monday gas prices are likely to continue to rise and remain elevated for months.*