US Energy Secretary says oil prices may peak in coming weeks

09:51 AM (Mecca time) Argaam
US Secretary of Energy Chris Wright

US Secretary of Energy Chris Wright

US Secretary of Energy Chris Wright expects oil prices to reach their peak in the coming weeks once maritime traffic through the Strait of Hormuz effectively resumes.

 

Speaking at the Semafor World Economy Summit in Washington, Wright said energy prices will continue to rise until effective navigation through Hormuz is restored, adding that prices are likely to peak at that point—within the next few weeks, Reuters reported.

 

His remarks came after US President Donald Trump said on April 12 that oil and gasoline prices may remain elevated until the US midterm elections in November.

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