Wright reiterates Iran operations to take weeks, not months

Energy Secretary Chris Wright reiterated on March 6, 2026, that disruptions to global energy markets caused by U.S. and Israeli military operations in Iran are expected to resolve within "weeks, not months," aligning with earlier projections. Wright attributed rising gas prices—up to $3.32 per gallon nationwide as of March 6—to Iran's historical role in destabilizing energy markets and the temporary closure of the Strait of Hormuz, a critical oil transit route. The strait, through which 20% of global oil supply passes, has been effectively blocked by Iranian retaliatory measures, creating a backlog of millions of barrels and pushing crude prices to mid-$70s per barrel.

Patrick De Haan of GasBuddy noted that prolonged disruptions compound market challenges, even if the strait reopens soon, as lost shipments would take time to recover. President Trump, meanwhile, downplayed concerns about sustained price hikes, stating in a March 5 interview that gas prices would "drop very rapidly when this is over" and framing the current surge as a "small price to pay" for dismantling Iran's nuclear program and military capabilities.

However, uncertainty persists. While Trump claimed the conflict could end "soon" due to "practically nothing left" for U.S. forces to target, Israeli officials emphasized an open-ended timeline until all objectives are met. This divergence highlights risks for markets, where inflation remains at 2.4% and energy costs could influence voter sentiment ahead of the 2026 midterms. Analysts caution that even a short-term resolution may face hurdles if Iran resumes blockades or escalates attacks on Gulf shipping, complicating forecasts for energy stability.