US energy chief downplays risk of $200 oil
U.S. Energy Secretary Chris Wright said global oil prices are unlikely to reach $200 per barrel despite ongoing disruptions linked to the U.S. and Israeli war with Iran.
Wright said the sharp price spike predicted by some analysts remains unlikely, even as crude tankers remain stalled in the Strait of Hormuz due to the conflict, News.Az reports, citing CNN.
“I would say unlikely, but we are focused on the military operation and solving a problem,” Wright said when asked whether oil prices could climb to $200 per barrel — a level some officials in Iran have warned could be reached if the war continues to escalate.
Wright also told CNBC that the US Navy is currently unable to escort ships through the Strait of Hormuz, though he said such operations are “quite likely” to begin by the end of the month.
News.Az
By Nijat Babayev
