Energy Sec Wright ties sub-$3 gas to Iran deal as Islamabad talks begin: 'Prices have peaked'

Shipping constraints in the Strait of Hormuz transit route are contributing to elevated fuel prices and uncertainty in international energy markets
Energy Secretary Chris Wright said prices may have peaked but warned that a sustained drop below $3 per gallon could take longer, depending on geopolitical developments (AP Photo/Mariam Zuhaib)
Energy Secretary Chris Wright said prices may have peaked but warned that a sustained drop below $3 per gallon could take longer, depending on geopolitical developments (AP Photo/Mariam Zuhaib)


WASHINGTON, DC: Energy Secretary Chris Wright said on Sunday, April 19, that gasoline prices may not fall below $3 per gallon until next year, as ongoing tensions between the United States and Iran continue to impact global energy markets.

Wright indicated that while prices may have peaked, relief at the pump will depend on the resolution of the conflict.

His remarks come as US and Iranian officials prepare to resume negotiations in Islamabad, Pakistan. The situation remains closely tied to disruptions in oil flows through the Strait of Hormuz.

Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)
Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026 (AP Photo/Altaf Qadri)

Energy prices remain elevated amid Hormuz disruptions

Wright said uncertainty remains over when fuel prices will return to pre-conflict levels, noting that a drop below $3 per gallon could take time.

“I don’t know, that could happen later this year, that might not happen until next year, but prices have likely peaked,” he said in an interview with CNN.

WASHINGTON, DC - JANUARY 09: U.S. Secretary of Energy Chris Wright speaks during a meeting with oil and gas executives in the East Room of the White House on January 9, 2026 in Washington, DC. Trump is holding the meeting to discuss plans for investment in Venezuela after ousting its leader Nicolás Maduro. (Photo by Alex Wong/Getty Images)
Secretary of Energy Chris Wright speaks during a meeting with oil and gas executives in the East Room of the White House on January 9, 2026, in Washington, DC (Alex Wong/Getty Images)

He added that any sustained decline would depend on geopolitical developments. “Certainly with a resolution of this conflict… prices across the board on energy prices will go down,” Wright said.

Gasoline prices have risen sharply since the escalation of the US-Iran conflict, driven in part by disruptions to shipping through the Strait of Hormuz, a key transit route for global oil supplies.

The waterway carries roughly one-fifth of the world’s oil, and restrictions on traffic have affected supply chains and pricing.



Wright also emphasized a broader approach to energy supply, stating, “We definitely want energy from everywhere we can get it. We're driving nuclear forward in the Trump Administration, but in the last 20 years, the world spent $10T on (green energy).”

He added that such investments “haven't made it to 3% of global energy, and it's just driven up prices.”

He also emphasized that sub-$3 gasoline prices are relatively uncommon in inflation-adjusted terms. “Under $3 a gallon is pretty tremendous in inflation-adjusted terms… We’ll get back there for sure,” Wright said.

A person fuels their vehicle at a gas station Thursday, March 19, 2026, in Baltimore. (AP Photo/Stephanie Scarbrough)
A person fuels their vehicle at a gas station on Thursday, March 19, 2026, in Baltimore (AP Photo/Stephanie Scarbrough)

US-Iran talks resume as tensions persist

Wright’s comments come as diplomatic efforts between the United States and Iran are set to resume.

US representatives are expected to meet Iranian counterparts in Islamabad, Pakistan, following a previous round of talks that did not result in an agreement.

The renewed discussions follow recent developments in the Strait of Hormuz, where tensions remain high.

U.S. President Donald Trump signs an executive in the Oval Office at the White House on February 14, 2025 in Washington, DC. President Trump announced that his administration will withhold federal funding from schools and universities that impose a COVID-19 vaccine mandate. Trump was joined by, from left to right, Environmental Protection Agency (EPA) Administrator Lee Zeldin, Energy Secretary Chris Wright, Interior Secretary Doug Burgum and Transportation Secretary Sean Duffy. (Photo by Andrew Harnik/Getty Images)
President Donald Trump signs an executive order in the Oval Office at the White House on February 14, 2025, in Washington, DC (Andrew Harnik/Getty Images)

While there were indications late last week that the waterway could reopen more fully to commercial traffic, reports of renewed incidents involving vessels have complicated expectations for a sustained ceasefire.

President Trump has also commented on the situation, asserting that disruptions in the region have had limited impact on the United States.

President Donald Trump listens to speeches before signing an executive order in the Oval Office of the White House, Saturday, April 18, 2026, in Washington. (AP Photo/Julia Demaree Nikhinson)
President Donald Trump listens to speeches before signing an executive order in the Oval Office of the White House, Saturday, April 18, 2026, in Washington (AP Photo/Julia Demaree Nikhinson)

Responding to Trump’s claim that “The United States loses nothing” from the closure of the Strait, Wright said, “Putting this 47-year conflict to an end and preventing Iran from getting nuclear weapons, of course, has come with short-term disruption.” He added, “I think we’ve managed it fantastically, though.”

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