Energy Secretary Says ‘No Guarantees’ Oil Prices Will Fall Soon

Energy Secretary Chris Wright said there were 'no guarantees' that oil prices would fall in the coming weeks, despite President Trump’s vow to force Iran to stop attacks on oil tankers in the Strait of Hormuz.

“War in theMiddle East Advertisement Supported by Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tanker passage”

New York Times

'There’s no guarantees in wars at all,' he said in an interview on ABC’s 'This Week.'

New York Times

'I can guarantee the situation would be dramatically worse without this military operation to defang the Iranian regime.'

'Right now, our focus is destroying their military capabilities, including those that are used specifically to threaten the straits,' he added.

'But we need to finish those tasks first, and you will see the straits open again in the not-too-distant future.'

The Iranian military has been carrying out projectile attacks against tankers in the area, setting ships ablaze and sending the price of crude oil surging on world markets.

It has also begun laying mines in the Strait of Hormuz, despite the U.S. military’s having destroyed some Iranian naval vessels capable of that type of operation.

New York Times

Mr. Wright said in another interview on Sunday that the strait was not safe for tanker passage.

'No, it is not,' he said on NBC’s 'Meet the Press.'

About 20 percent of the world’s oil goes through the narrow waterway connecting the Persian Gulf and the Gulf of Oman.

“War in theMiddle East Advertisement Supported by Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tanker passage”

New York Times

At a later point in the ABC News interview, Mr. Wright expressed some confidence that the United States would be able to secure the Strait of Hormuz within weeks.