President Donald Trump on Monday dismissed his energy secretary’s recent forecast that gasoline prices may stay above $3 per gallon until next year, insisting instead that Americans could see lower prices much sooner if the conflict with Iran comes to an end.
Speaking to The Hill, Trump directly challenged Energy Secretary Chris Wright’s assessment, saying, “No, I think he’s wrong on that. Totally wrong.”
Pressed on when drivers might expect prices to ease, Trump tied any relief to developments in the war, stating, “as soon as this [the war with Iran] ends.”
Wright had taken a more measured position during an appearance on CNN the previous day, pointing to uncertainty caused by instability in the Strait of Hormuz. “I don’t know. That could happen later this year. That might not happen until next year,” Wright said, though he added that prices may have already peaked and could begin to fall. “Certainly, with a resolution of this conflict, you will see prices go down.”
The contrasting statements underscore differing expectations within the administration, as Treasury Secretary Scott Bessent indicated last week that prices could drop into the $3 range as early as this summer, according to The Hill.
Oil markets have reacted sharply in recent days due to Iranian actions affecting shipping through the Strait of Hormuz, a key route for global energy transport. U.S. gas prices have climbed past $4 per gallon for the first time since 2022, data from AAA shows.
Crude prices also jumped after U.S. forces seized an Iranian vessel near the strait on Sunday. Brent crude, a global benchmark, reached roughly $94 per barrel on Monday, while West Texas Intermediate hovered around $88.
Washington has increased economic pressure on Tehran by enforcing a blockade targeting Iranian ports, which Trump said is taking a significant toll. “The blockade is very powerful, very strong. They lose $500 million a day with the blockade up,” Trump said. “We control it. They don’t control it.”
Vice President JD Vance is slated to head a U.S. delegation to Islamabad for discussions with Pakistani and Iranian representatives. Still, Iran’s Foreign Ministry said Monday that no final decision has been made regarding its participation in the talks.