Donald Trump has dismissed the claim of U.S. Energy Secretary Chris Wright, who said earlier not to expect oil prices to fall until 2027. He states that prices will decrease eventually once the Iran war concludes. These comments come amid the 2-week ceasefire deal approaching its end, with Trump having warned that they won’t extend if a deal isn’t finalized by then.
Donald Trump calls out energy chief’s oil price prediction
Trump has addressed earlier claims of Wright regarding oil prices during a recent conversation with The Hill reporter. He said, “I think he’s wrong on that. Totally wrong.” He reassured that the prices will eventually go down once the war ends (via Reuters).
His comments come following Wright speaking about the oil prices during CNN’s “State of the Union.” He revealed the timeline for when it could be expected to see gas prices decrease below $3 again. “That could happen later this year. That might not happen until next year. But prices have likely peaked and they’ll start going down, certainly with a resolution of this conflict,” he added.
Recently, oil prices have risen once again, following Trump’s latest announcement that the US intercepted and seized an Iran-flagged cargo ship. Iran’s Foreign Ministry warned the US to release the ship and the sailors, crew, and their families within it; otherwise, they would retaliate. With no final deal having been reached, this war involving Iran, Israel, and the US consistently continues to impact the oil scene around the world.
Analyst Saul Kavonic from MST Marquee also earlier shared his stance on the growing oil prices amid the ongoing war. ” Oil markets continue to gyrate in response to oscillating social media posts by the US and Iran, rather than the realities on the ground, which remain challenging for oil flows to resume in a rapid fashion,” he elaborated.
Originally reported by Shazmeen Navrange on Mandatory
