US energy chief warns oil prices may peak in coming weeks

US Energy Secretary Chris Wright said oil prices could reach their highest levels in the coming weeks due to ongoing disruptions in the Strait of Hormuz.

“We’re going to see energy prices high – and maybe even rising – until we get meaningful ship traffic through the Strait of Hormuz,” Wright said at an event in Washington, adding that prices are likely to peak in the next few weeks.

He said costs should ease once the US-Iran conflict ends and energy flows resume, though recovery could take time, potentially beyond September.