"I think that this conflict will certainly come to the end in the next few weeks - could be sooner that that - and we'll see a rebound in supplies and a pushing down of prices after that. So this is short-term pain to get through to a much better place. But first and foremost right now is to finish to destroy Iran's ability to project military force in the region and around the world."
"Wright said the Trump administration was aware that going to war against Iran would cause short-term disruption and a little bit of increased prices on Americans. Clearly we will have this support of other nations to achieve that objective."
"Oil closed at more than $103 per barrel on Friday as Iran retains a chokehold on the Strait of Hormuz, normally a conduit for a fifth of the world's oil and a similar portion of liquefied natural gas."
Energy Secretary Chris Wright indicated the conflict with Iran may continue for several more weeks, with oil prices remaining elevated as the US and Israel work to eliminate Iranian military threats. Wright defended the administration's position that Americans face short-term fuel price increases for the strategic goal of neutralizing Iran as a regional threat. Oil prices exceeded $103 per barrel as Iran controls the Strait of Hormuz, through which approximately one-fifth of global oil and liquefied natural gas flows. President Trump called on international allies including China, France, Japan, South Korea, and the UK to deploy warships maintaining strait access. Wright acknowledged the conflict causes short-term economic disruption but characterized it as necessary pain for achieving long-term regional security objectives.
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