U.S. Secretary of Energy Chris Wright on Sunday said that commercial shipping traffic through the Strait of Hormuz is “back to normal” after the United States and Iran signed a preliminary agreement to open the waterway and end hostilities.
Wright further predicted that oil, gas, and energy prices will see a decline. During the conflict, Iran effectively shut down the Strait of Hormuz, a critical waterway that normally carries about a fifth of the world’s traded oil, causing prices to surge.
“I’m long out of the business of predicting oil or gasoline prices, but they will continue to head down. Flows of oil and natural gas through the straits have already returned to normal, and they will continue that way whatever happens with the negotiations with the Iranians,” he told ABC News’ “This Week” program….