The escalation of the Middle East conflict has caused severe fluctuations in the global energy market. International oil prices surged more than 20% during Asian trading on Monday, exceeding $110 per barrel, marking the highest level in about four years.
The market is concerned that the critical energy transport corridor, the Strait of Hormuz, may be affected by the conflict, leading to disruptions in global crude oil supply.
U.S. Department of Energy Responds to Market Concerns
U.S. Energy Secretary Chris Wright stated that the current rise in oil prices mainly reflects a short-term "panic premium" driven by geopolitical tensions.
He noted that although shipping has experienced some disruptions, the overall global energy supply remains adequate.
"Oil remains in the market, and the current rise is largely due to market sentiment," he said.
Wright believes that the most severe supply disruption scenarios are expected to last only a few weeks, not months.
Rise in U.S. Gasoline Prices
According to data from the American Automobile Association, the average price of regular gasoline in the U.S. has risen by about 16% over the past week, reaching approximately $3.45 per gallon.
The U.S. government expects that once the Strait of Hormuz returns to normal operations, U.S. gasoline prices will fall back below $3 per gallon.
No New Targets for Energy Infrastructure
Wright also stated that the U.S. currently has no plans for military action against Iranian oil or gas industry facilities.
He noted that recent attacks on Iranian fuel storage facilities were carried out by Israel, not the U.S.
