US Energy Secretary Chris Wright has indicated that global oil prices could reach their highest levels in the coming weeks due to ongoing disruptions in shipping through the Strait of Hormuz. Speaking at the ‘Semaphore World Economy’ conference in Washington, D.C., Wright said fuel prices will remain high until meaningful maritime traffic resumes through the key waterway, adding that prices could rise even further before stabilizing.

Wright explained that oil prices may begin to decline once the United States-Iran conflict ends and energy supplies return to normal. However, he cautioned that this process will take time and may not occur until around September. His remarks highlight the sensitivity of global energy markets to geopolitical tensions and supply chain interruptions in critical maritime routes.

The statement underscores the potential for short-term volatility in global fuel markets as disruptions in the Strait of Hormuz continue to constrain supply routes vital to international trade.