US Says Oil Prices Could Fall if Iran’s Ability to Disrupt Hormuz Shipping "Curbed"

U.S. Energy Secretary Chris Wright said oil and natural gas prices could begin to decline if the United States succeeds in weakening Iran’s ability to disrupt tanker traffic through the Strait of Hormuz, as energy markets react to rising geopolitical tensions in the region.

Speaking during an interview on Fox News Sunday, Wright said Washington’s strategy aims to ensure the uninterrupted flow of oil, natural gas, fertilizers, and other commodities from the Gulf through the critical maritime corridor as quickly as possible.

He explained that the United States is working to reduce Iran’s capacity to launch missile or drone attacks on commercial vessels, while implementing measures designed to maintain the steady movement of energy shipments through the strait.

The comments come as American consumers face higher fuel prices triggered by the recent escalation in regional tensions. Wright noted that stabilizing energy markets remains a priority for the administration, echoing President Donald Trump’s pledge to reduce gasoline prices and combat inflation, an issue that played a role in his reelection campaign.

The ongoing conflict involving Iran has already driven a sharp increase in global energy prices, largely due to congestion and security concerns affecting tanker movements through the Strait of Hormuz, one of the world’s most vital energy chokepoints.

Approximately 20% of global energy supplies pass through the strait, making any disruption there a major concern for international markets.

According to data from fuel-tracking platform GasBuddy, gasoline prices in the United States have climbed above $3.46 per gallon. Meanwhile, U.S. crude oil prices have surpassed $91 per barrel, while the global benchmark Brent crude has risen above $92 per barrel.

Wright noted that at least one large oil tanker had recently transited the strait without incident, adding that the average daily traffic through the waterway typically includes around 100 oil tankers and cargo vessels.

Despite the recent volatility, Wright suggested that the current disruptions in energy markets are likely to be temporary, predicting that the instability could last weeks rather than months.

“The goal is to restore energy flows and bring prices back to previous levels,” Wright said, describing the short-term market turbulence as a limited cost compared with the long-term benefits of securing global energy supply routes.

Energy markets remain highly sensitive to developments in the Gulf, with traders closely watching both military and diplomatic moves that could influence the safety of shipping routes and the stability of global oil supply.