Gas Prices to Fall in Weeks as Iran Conflict Nears Finish, Energy Secretary Predicts

American consumers bracing for sustained high gasoline prices may soon observe relief, as Energy Secretary Chris Wright indicated the conflict in Iran is expected to conclude within the next few weeks. The anticipated end to hostilities, and the subsequent reopening of critical shipping lanes, is projected to ease pressure on global oil supplies and bring down prices at the pump.

Current Situation and Impact on Oil Prices

The ongoing conflict, triggered by U.S. And Israeli targeted strikes against Iranian military targets and government leaders, led to Iran closing the Strait of Hormuz – a vital waterway for global oil transport, carrying approximately 20% of the world’s oil supply . This closure caused oil prices to spike, exceeding $100 a barrel last week for the first time in four years .

The national average gas price currently stands at $3.69 per gallon, a significant increase from below $3 a gallon before the outbreak of the war .

Administration Response and Oil Reserves

In response to the escalating crisis, the Biden administration coordinated a historic release of oil from international emergency reserves, with the International Energy Agency (IEA) committing to release a record 400 million barrels . The U.S. Also temporarily lifted sanctions on Russian oil at sea in an effort to bolster supply.

Timeline for Price Relief

Secretary Wright stated in multiple interviews on Sunday, March 15, 2026, that the conflict is likely to end “in a few more weeks” , . He anticipates that gas prices will commence to fall once Iran’s ability to threaten tankers in the Strait of Hormuz is neutralized . He also expressed optimism that prices could fall below $3 a gallon by the summer .

While acknowledging the uncertainty inherent in wartime, Wright pointed out that current prices are lower than the $5 a gallon peak experienced during the Biden administration .

Looking Ahead

The duration and ultimate outcome of the conflict remain key determinants of future gas prices. While Secretary Wright’s projections offer a hopeful outlook, he cautioned that “there are no guarantees in war” . Consumers should anticipate continued price volatility in the short term, but the expectation is for a gradual return to more stable prices as the situation in Iran resolves.