US Energy Secretary Warns of Oil Price Surge Until Shipping Resumes in Strait of Hormuz

A peak oil price due to the dispute over the strait will occur in the coming weeks, the secretary says.

A cargo ship sits at anchor in the Gulf of Oman, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governorate, in the United Arab Emirates on March 11, 2026. Stringer/Reuters

Energy Secretary Chris Wright warned of a surge in the price of oil and energy over the coming days if shipping in the disputed Strait of Hormuz doesn’t resume.

“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 the Semafor World Economy conference in Washington on April 13.