What happened
US Energy Secretary Chris Wright stated that ending the war with Iran would significantly reduce energy prices. According to Wright, President Donald Trump has been working tirelessly to end the conflict, which began with US strikes in February. The war has caused the closure of the Strait of Hormuz, a critical oil passage, resulting in skyrocketing oil and gas prices.
Wright claimed that Trump was aware of the potential risks to fuel markets before entering the conflict. The Energy Secretary also mentioned that the president had wanted to end the conflict since before his presidency. The ongoing war has led to a substantial increase in oil prices, with the national average price for a gallon of gas reaching $4.37, compared to $2.98 before the war started.
The possibility of imposing tariffs on China for buying Russian oil was also discussed. Wright stated that the Trump administration is trying to maintain good relations with China but is considering all options to bring an end to the conflict. The administration may enforce a tariff increase of up to 500% on goods imported from Russia, according to the Lindsey Graham Act.
