Energy Secretary Chris Wright characterized the ongoing military conflict with Iran as a temporary “disruption” on the path toward lower energy costs during an appearance on “Fox News Sunday.”
The Strait of Hormuz, a vital maritime chokepoint between the Persian Gulf and the Gulf of Oman, saw a halt in tanker traffic following a series of Iranian missile and drone strikes. These strikes were launched in retaliation for U.S. and Israeli operations that began just over a week ago. Speaking with host Shannon Bream, Wright revealed that at least one significant vessel has successfully navigated the waterway.
“The plan is to get oil and natural gas and fertilizer and all the products from the Gulf flowing through the straits before too long, and I may break a little news here, but one large tanker has already gone through the straits with no issues at all,” Wright said. He noted that the military is currently “massively treating” Iran’s strike capabilities, adding that the rate of attrition for their weaponry is expected to increase. “So we’ll be cautious, we’ll be careful, but energy will flow soon.”
Market volatility has remained high since President Donald Trump announced the start of U.S. and Israeli military operations via a Truth Social video on February 28. WTI Futures Crude Oil ended Friday at $90.90 per barrel, representing a jump of more than $20 since the market close on February 27.
During the interview, Bream questioned the Secretary regarding a Politico report suggesting that energy advisers are “scrambling” to find positive messaging to counter rising prices. Wright dismissed the report as “fiction.”
“I’ve read about a dozen fiction pieces from Politico and other news things about just stuff totally made up, whole cloth. We’ve been planning and talking about this, you know, for quite some time,” Wright responded. He maintained that global markets are currently well-supplied and attributed the price hike to psychological factors rather than a physical shortage. “It’s just fear and perception, the unknown, that this could be some long drawn-out crisis, but it won’t be.”
Wright concluded by stating that progress is moving quickly due to the current administration’s “energy dominance agenda.”
He emphasized that the U.S. remains a net exporter of both oil and natural gas while coordinating closely with international allies. “This is a disruption on the way to a much better place to end a 47-year war against America,” Wright said.
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