Energy secretary predicts energy prices may rise, hit peak in ‘next few weeks’

Energy Secretary Chris Wright predicted Monday that energy prices, including gasoline, are likely to rise further and peak in the "next few weeks." Wright stated at Semafor’s World Economy event that high prices are expected to continue until "meaningful ship traffic" resumes through the Straits of Hormuz. This suggests that ongoing disruptions in the critical oil transit chokepoint are directly impacting global energy markets. The White House anticipates that this situation will drive oil prices to their highest point before a potential decline. American consumers will likely face increased costs at the pump in the immediate future.