Energy Secretary Chris Wright says oil prices could drop significantly if an Iran deal reopens the Strait of Hormuz and restores global energy flows.
Energy markets could see a sharp reversal if tensions ease in the Middle East, as officials say a diplomatic breakthrough could quickly restore critical oil flows. U.S. Energy Secretary Chris Wright joined FOX Business' Lauren Simonetti on "Varney & Co.
" to discuss how a potential agreement with Iran could help reopen the Strait of Hormuz and stabilize prices after weeks of disruption. Wright indicated that energy markets are closely tied to developments in the region, emphasizing how quickly conditions could shift if a deal is reached. A STATE-BY-STATE LOOK AT GAS PRICES AS IRAN CONFLICT PUSHES OIL HIGHER "They would go down quite a bit. If we see a pathway to have the Strait of Hormuz open soon and energy flowing again, you'd see energy prices drop pretty significantly," Wright said. The comments come as global markets react to constrained movement through one of the world's most critical energy chokepoints, where even temporary disruptions have pushed fuel costs higher for consumers. Wright suggested the path forward depends on whether Iran is willing to de-escalate and negotiate. KEVIN O'LEARY FORECASTS GLOBAL POWER SHIFT IN STRAIT OF HORMUZ AS IRAN CONFLICT RATTLES OIL MARKETS "That could happen if a peace agreement is reached... If Iran thinks enough is enough, and they're willing to make a deal... Then there'll be a deal," Wright said. For now, officials say short-term market volatility is expected as the situation continues to develop. CLICK HERE TO DOWNLOAD THE FOX NEWS APP
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