The impact of the Iran conflict on energy markets will be temporary and a "small price" to pay for US military goals, US Energy Secretary Chris Wright told Fox News on Wednesday. US and Israeli strikes on Iran and the subsequent response by Tehran have widened regional tensions and paralyzed shipping through the Strait of Hormuz, disrupting vital Middle East oil and gas flows and sending energy prices higher. Oil prices rose on Thursday in Asia amid growing concern over the prolonged closure of the Strait of Hormuz. ADVERTISEMENT"This will definitely be temporary," Wright told the "Ingraham Angle" program on Fox News. US President Donald Trump has pledged to provide insurance and naval escorts for ships exporting energy from the region to contain soaring costs.

Source: The Telegraph March 05, 2026 04:32 UTC