Here’s When Oil Prices Will Drop: Energy Secretary

Energy Secretary Chris Wright predicted Sunday that rising oil prices will likely fall once the conflict with Iran comes to an end.

Wright said he expects the war to wrap up “in the next few weeks,” which he believes will lead to increased oil supply and lower fuel costs.

“This conflict will come to an end in the next few weeks, and we’ll see a rebound in supplies and a pushing down of prices after that,” Wright said during an interview on ABC News’ This Week.

Oil prices have climbed in recent weeks following military strikes against Iran as part of Operation Epic Fury.

The United States targeted Iran’s Kharg Island, a critical oil hub that handles roughly 90% of the country’s crude exports.

Since the attack, oil futures have hovered around $100 per barrel as markets reacted to fears of supply disruptions.

Energy markets often spike when conflicts threaten major production or shipping routes in the Middle East.

Wright acknowledged the military campaign was expected to temporarily impact energy prices.

“We were very aware that we would have short-term disruption that would cause a little bit of increased prices on Americans,” he said.

Despite the recent increase, Wright argued fuel prices remain lower than during the previous administration.

“Prices today are still far below where they were in the Biden administration,” he said.

At one point during that period, gasoline prices approached $5 per gallon nationwide.

Still, the current conflict has raised concerns about how high oil prices could climb if the war expands.

Iranian officials have warned that global oil prices could surge dramatically during the conflict, per the New York Post.

Some analysts have suggested prices could even approach $200 per barrel under extreme conditions.

Wright declined to say whether that scenario was realistic.

“I would pay no attention to what Iran says,” he said during a separate appearance on NBC’s Meet the Press.

Energy markets are closely watching the Strait of Hormuz, one of the most important shipping routes in the world.

A large portion of global oil shipments pass through the narrow waterway each day.

Any disruption to shipping traffic there could cause significant volatility in global energy markets.

So far, oil prices have remained elevated but relatively stable compared with worst-case predictions.

The Biden administration previously faced criticism when gas prices surged during global supply disruptions earlier in the decade.

Wright suggested that the current conflict is unlikely to create a similar spike.

He said the administration expects oil supplies to recover quickly once the fighting stops.

“If this conflict ends in the coming weeks, we expect supply to rebound and prices to follow,” Wright said.

Markets will likely remain volatile until there is more clarity about how long the war will continue.

Investors and energy analysts are also watching how Iran responds to the military campaign.

🚨 NEW: Sec. Chris Wright HITS BACK at ABC host over oil prices: “We were very aware that we would have short term disruption. Prices today are still far below what they were in the Biden Administration, where they were begging, bartering, and bribing Iran to behave better.” pic.twitter.com/50DaWHn6Wu

— TV News Now (@TVNewsNow) March 15, 2026

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