US energy secretary: Gas price spike from Iran war to be temporary

US Energy Secretary Chris Wright told ABC News that the recent rise in fuel prices caused by the war with Iran is temporary and expected to last only a few weeks.

“It is brief, it is very temporary,” Wright said, emphasising that energy markets are likely to stabilise quickly.

Fuel prices in some U.S. states have risen by around 30 cents per gallon amid the tensions, increasing political pressure on the Trump administration as Americans face higher costs.

The administration spokesperson confirmed that President Donald Trump plans to provide political risk insurance for tankers passing through the Strait of Hormuz, though implementation will occur “at the appropriate time,” with physical security currently prioritized.

“Quickly after this conflict, energy prices will be back down where they were before and now we’ve got a long road ahead where energy prices will have more downward pressure,” Wright added.

By Sabina Mammadli