Energy Secretary Chris Wright made the rounds on network TV Sunday to reassure viewers thatthe sharp rise in oil and gas prices due to the Iran war- which Trump hasno problemsticking US consumers with for a while - would prove short-lived, and has downplayed the spike as a transient "fear premium" vs. a fundamental supply issue.

In conversations to CBS, CNN, and Fox News, wright emphasized thatglobal energy markets remain well-supplied despite disruptions to tanker trafficthrough the Strait of Hormuz - the narrow waterway that carries roughly one-fifth of the world’s seaborne crude.

"This is a disruption on the way to a much better place to end a 47-year war against America," he toldFox.

"The world is not short of oil today or natural gas," Wright told CBS' "Face the Nation," adding "You’re seeing a little bit of fear premium in the marketplace."

Energy Secretary Chris Wright says that the war with Iran, which is pushing up oil and gasoline prices, will last for “weeks, not months,” even in a worst case.On gas prices, he says that “they shouldn't go much higher than they are here because the world is very well supplied…pic.twitter.com/HYOZqeHon3

Wright also projected thatgasoline prices could fall below $3 per gallon "relatively soon,"and that any worst-case disruption would only last "weeks, not months" - a line he gave to both CBS and CNN.

The comments come as Brent crude futures haverisen sharply in recent days, pushing U.S. pump prices higher and raising concerns about inflationary pressures ahead of midterm elections. The administration has framed the military operation - dubbed by some officials as aimed at neutralizing long-term threats from Tehran - as ultimately beneficial for global energy stability.

Wright also highlighted early signs of progress in restoring flows through the Strait of Hormuz. “A large tanker went through the Strait of Hormuz 24 hours ago,” he said, adding that U.S. and allied efforts are “massively attriting” Iran’s ability to launch missiles and drones.

He indicated that naval escorts could be provided for initial tankers to ensure safe passage, with normal commercial traffic expected to resume “relatively soon.”

Energy Secretary Chris Wright says the Strait of Hormuz will see normal traffic levels again “relatively soon,” but naval escorts might be necessary.“We're in engagement right now with people that want to get tankers moving out of the Gulf,” he says. “So, yes, there could be —…pic.twitter.com/nrf6PH43Vy

Source: ZeroHedge News