Tankers to resume normal movement in Middle East in 'a few weeks' at worst, Energy sec says, ending oil surge

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. Energy Secretary Chris Wright discusses the concerns over oil prices amid the Iran conflict and the latest on the U.S. pressure campaign against Russia during ‘Fox News Sunday.’ The price of oil shot up amid the Trump administration's targeting of Iran due to a "fear premium in the marketplace," but Iran-forced oil inflation is "finally going to come to an end," according to Energy Secretary Chris Wright, when vessels resume normal movement. "We're not too long away, I think, before you will see more regular resumption of ship traffic through the Straits of Hormuz," Wright told CNN's "State of the Union" on Sunday. "Yes, we're nowhere near normal traffic right now. And that'll take some time. But, again, worst case, that's a few weeks. That's not months." "The world is very well supplied with oil right now," Wright said. "The United States is a net o