Energy Secretary Chris Wright said gasoline prices have likely peaked following disruptions caused by the conflict with Iran, but a return to prices below $3 per gallon may not happen until next year. The national average is currently just above $4 per gallon, with some West Coast states nearing $6.

Wright argued that the United States has managed the global oil supply shock effectively despite the largest interruption in energy flows in decades. He noted that prices remain below the highs seen in 2022, when they climbed above $5 per gallon, and expressed confidence that costs will continue to decline if the conflict is resolved.

Oil markets have been volatile amid a fragile ceasefire, shifting negotiations, and tensions surrounding the Strait of Hormuz. Temporary agreements and announcements about reopening the key shipping lane briefly pushed crude prices lower and lifted stock markets, but renewed threats, blockades, and military activity have since revived uncertainty. With ceasefire deadlines approaching and talks ongoing, further price relief remains tied to diplomatic progress.