economy
March 8, 2026
US energy chief says spike in gas prices will fall ‘before too long’ amid Iran war
Chris Wright says price increase would last weeks, not months, and that US would not target Iran’s energy industry
TL;DR
- Energy prices are expected to return to normal within weeks, not months.
- The US is not targeting Iran's oil or natural gas industry.
- The conflict has caused a significant spike in oil and gasoline prices.
- US officials view the short-term price rise as acceptable for long-term security gains against a nuclear-armed Iran.
- There are efforts to resume normal shipping traffic through the Strait of Hormuz.
- Gulf states are reportedly united and incensed by Iran's actions, anticipating further diplomatic or military responses.
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