Oil prices: U.S. officials have set a timeline for when prices will peak
14 April 10:12
U.S. Energy Secretary Chris Wright stated that global oil prices are likely to peak in the coming weeks—once shipping resumes through the Strait of Hormuz.
This was reported by "Komersant Ukrainian", citing Reuters.
Forecast by the U.S. Secretary of Energy
Speaking at the Semafor economic forum in Washington, Chris Wright noted that energy prices will remain high and may even rise until “real” volumes of ships begin passing through the strait.
“We will see oil prices peak around that time. This will happen sometime in the next few weeks,” Wright said.
He also reported an increase in oil production in Venezuela following Nicolás Maduro’s takeover and reforms to oil legislation. Since January 3, 150 million barrels of Venezuelan oil have been sold, and production has risen by 25%.
Trump’s Statement
U.S. President Donald Trump said on Sunday that oil and gasoline prices could remain high until the November midterm elections. This is a rare acknowledgment of the potential political consequences of his decision to launch a war against Iran six weeks ago.
The Situation in the Strait of Hormuz
Since the start of the war (February 28), Iran has effectively closed the Strait of Hormuz to all vessels except its own. Tehran is attempting to make its control over the waterway permanent and, possibly, to charge a toll for passage.
In response, the U.S. Navy has imposed a blockade of the strait, extending it to the Gulf of Oman and the Arabian Sea. Vessel tracking data shows that two tankers turned back in the strait after the blockade began.
As a reminder, on April 11, negotiations between the U.S. and Iran regarding the nuclear program took place in Pakistan, ending without results—Tehran rejected the American side’s demands.
Following the breakdown of the talks, Donald Trump announced a naval blockade of the Strait of Hormuz: U.S. ships will intercept all vessels that have paid Iran a transit fee.
The U.S. president also warned that if Iranian forces attack American ships, Washington would “send the Iranians to hell.”
Tehran responded: Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated that soon everyone would look back nostalgically on gasoline priced at $4–5.
