US Predicts Oil Prices to Peak in Coming Weeks

Washington (ANTARA) - US Energy Secretary Chris Wright stated in Washington on Monday (13/4) that oil prices could peak in the coming weeks due to shipping disruptions through the Strait of Hormuz, which are pushing energy costs higher.

“We will see energy prices remain high—and possibly even surge—until we get significant ship traffic through the Strait of Hormuz,” Wright said at the Semafor World Economy conference.

He added that this price peak might occur soon, in line with disruptions to global energy supplies caused by the ongoing conflict.

“President (Donald Trump) has known from the start that if energy flows are disrupted in the short term, it will drive energy prices up,” he added.

Hopes for a quick price drop are unrealistic.

“By next summer, that is an aggressive timeframe,” Wright said.

In response, the US is considering military steps in the region after diplomatic efforts to end the conflict failed and a temporary ceasefire was in place.

The US Central Command (CENTCOM) stated that security measures will be implemented for ships entering and exiting Iranian ports in the Gulf area.

Source: Anadolu