US energy chief: Oil prices likely to rise until 'meaningful' traffic resumes through Hormuz

Oil prices are likely to continue rising until "meaningful" ship traffic resumes through the Strait of Hormuz, US Energy Secretary Chris Wright said on Monday.

Wright told the Semafor World Economy forum in Washington that despite previous comments he made that oil prices would likely come down soon, they are likely to stay high or even rise until a substantial flow of traffic resumes through the Strait of Hormuz.