economy

March 8, 2026

Energy prices will fall when U.S. destroys Iran's ability to attack tankers in Strait of Hormuz: Wright

Gas prices have spiked in the U.S. as oil has jumped to over $90 since the war began in Iran.

Energy prices will fall when U.S. destroys Iran's ability to attack tankers in Strait of Hormuz: Wright

TL;DR

  • Energy Secretary Chris Wright predicts falling oil and gas prices as the U.S. neutralizes Iran's threat to the Strait of Hormuz.
  • The U.S. is actively reducing Iran's ability to strike tankers with missiles and drones.
  • Gas prices and oil have surged to over $3.46 per gallon and $91 per barrel, respectively, due to disruptions in the Strait of Hormuz.
  • Wright indicated that the disruption to energy flow is expected to last weeks, not months, and that a "small price to pay" for stable energy prices.
  • The Strategic Petroleum Reserve may be used if necessary, but Wright believes it is currently a logistics issue that can be resolved without it.
  • President Trump has also downplayed the need to tap the SPR, stating the U.S. has a large amount of oil.

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