U.S. Energy Secretary Chris Wright stated Sunday that domestic gas prices have likely peaked at $4.17 per gallon following the onset of the Iran war. While Wright expects prices to decline as the conflict resolves, President Donald Trump dismissed this timeline as "totally wrong." Trump suggests prices will drop immediately when the war ends, despite his previous warnings of high costs through the November midterms. The conflict has stalled traffic through the Strait of Hormuz, a transit point for 20% of global oil and gas supplies. Read the full story at Fortune (subscription).
Source · Fortune
