March 9, 2026

Energy Secretary Chris Wright discusses the concerns over oil prices amid the Iran conflict and the latest on the U.S. pressure campaign against Russia during ‘Fox News Sunday.’

 

Energy Secretary Chris Wright addressed the spike in oil prices driven by fears surrounding the Iran conflict and disruptions in the Straits of Hormuz, attributing the surge to a temporary "fear premium" rather than a genuine shortage. He emphasized that the world is well supplied with oil and natural gas, noting that the United States is a net exporter of both, and forecasted a return to more regular ship traffic through the critical shipping lane within weeks. While acknowledging current market volatility stemming from U.S. pressure on Russia and geopolitical tensions, Wright remained confident that the supply disruption is short-lived and that global energy markets will stabilize soon.

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