Energy Secretary Predicts Oil Prices Will Drop After Iran War Ends

Wright says conflict will wrap up in 'next few weeks' leading to rebound in supplies and lower prices.

Mar. 15, 2026 at 2:19pm

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Energy Secretary Chris Wright told ABC News' 'This Week' that he expects oil prices to come down once the war in Iran ends 'in the next few weeks.' Wright said the 'conflict will come to an end in the next few weeks, and we'll see a rebound in supplies and a pushing down of prices after that.' He also dismissed warnings from Iran about oil potentially reaching $200 a barrel, telling NBC's 'Meet the Press' that 'I would pay no attention to what Iran says.'

Why it matters

The ongoing conflict with Iran has disrupted global oil supplies and sent prices soaring, impacting consumers and the broader economy. Wright's prediction that the war will end soon and prices will subsequently drop provides some optimism for relief on high fuel costs.

The details

Oil prices have been hovering around $100 a barrel in the futures markets since President Trump announced a massive attack on Kharg Island, a critical Iranian oil hub, where some 90% of its crude exports flow through. Wright acknowledged there would be 'short-term disruption' and 'a little bit of increased prices on Americans,' but expressed hope that prices wouldn't reach the $5 per gallon level seen during the Biden administration.

  • The war in Iran is expected to end in the next few weeks.

The players

Chris Wright

The current U.S. Energy Secretary.

President Trump

The U.S. president who ordered the attack on the Iranian oil hub of Kharg Island.

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What they’re saying

“This conflict will come to an end in the next few weeks, and we'll see a rebound in supplies and a pushing down of prices after that.”

— Chris Wright, U.S. Energy Secretary (ABC News)

“I would pay no attention to what Iran says.”

— Chris Wright, U.S. Energy Secretary (NBC News)

What’s next

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The takeaway

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