US Energy Secretary on Oil Prices
Analysis based on 6 articles · First reported Mar 12, 2026 · Last updated Mar 12, 2026
The widening war between the United States, Israel, and Iran has significantly disrupted global oil supply, causing Petroleum prices to jump and Middle East Gulf countries to cut production. The International Energy Agency's coordinated drawdown of reserves aims to stabilize the market, but continued instability in the Strait of Hormuz poses a risk of further price escalation.
U.S. Energy Secretary Chris Wright stated that global Petroleum prices are unlikely to reach $200 a barrel, despite the ongoing war involving the United States, Israel, and Iran, which has led to stalled tankers in the Strait of Hormuz. An Iranian official, Ebrahim Zolfaghari, countered that prices could indeed hit $200 due to regional destabilization. Petroleum prices already jumped 6% to nearly $100 after suspected Iranian attacks on tankers in an Iraqi port. In response to the supply disruption, the International Energy Agency announced the largest-ever coordinated drawdown of 400 million barrels from global oil reserves, with 40% coming from the United States. The conflict has forced Middle East Gulf countries to cut oil production by 10 million barrels per day, representing 10% of world demand. The United States is currently unable to escort ships through the Strait of Hormuz but expects to do so by the end of the month.
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