US Assures Americans Iran Conflict Won’t Prolong Energy Price Surge

Rising pump prices, potential voter discontent and a continuing conflict in the Middle East prompted the Trump administration to reassure Americans on Sunday, March 8, 2026, that disruptions to oil and gas flows would be short-lived. Energy Secretary Chris Wright indicated the conflict’s impact on energy prices would likely last “at worst, only a few weeks, not months.”

Gas Prices and Political Sensitivity

Pump prices are a key concern for American voters, particularly given the country’s reliance on automobiles, and could become a significant political issue leading up to the November legislative vote. The conflict in the Middle East has led to a near cessation of crossings through the Strait of Hormuz, a critical waterway for global oil production, where approximately 20% of the world’s oil supply normally transits. Energy markets reacted sharply, with oil prices soaring.

Oil Price Fluctuations

The price of West Texas Intermediate (WTI), the American benchmark for crude oil, rose 12% on Friday alone and 36% over the week. However, Secretary Wright anticipated that prices “should not head much higher, due to the fact that the world is very well supplied with oil.” He stated, “There is no energy shortage in the Western Hemisphere.”

Israeli Strikes on Iranian Oil Depots

Four Iranian oil depots and a logistics site were struck by Israel on Saturday in and around Tehran, causing significant fires. This marked the first reported attack on Iranian energy infrastructure since the start of the conflict. Secretary Wright clarified that these were “Israeli strikes against fuel depots” and affirmed that “the United States was not (targeting) any energy infrastructure” in Iran. He reiterated, “We do not plan to target Iran’s oil industry, their gas industry or any part of their energy industry.”

Iran’s Response and Threats

In response, the Iranian army threatened to target oil sites in the region if Israel continued to strike Iranian energy infrastructure. A statement from the central headquarters of Khatam al-Anbiya, affiliated with the Revolutionary Guards, warned, “If you can stand oil over $200 a barrel, keep playing this game.”

US Efforts to Secure Shipping Lanes

The United States is currently working with shipowners to facilitate the removal of tankers from the Persian Gulf. Secretary Wright stated that, “in the early days,” these ships would likely be under American military protection during their passage through the Strait of Hormuz, with a foreseen return to normal traffic “in the relatively near future.”

Iran’s Oil Production and Potential Sanctions Relief

Iran accounts for around 4% of global crude oil production, according to the US Energy Information Administration (EIA). While a portion of this oil is subject to international sanctions, some is still exported, primarily to China. US Treasury Secretary Scott Bessent indicated on Friday that the United States could expand the temporary lifting of sanctions on Russian oil to alleviate market pressures, following a previous authorization granted to India on Thursday. The American Development Finance Corporation (DFC) announced the establishment of a reinsurance mechanism to facilitate risk coverage for passage through the Strait of Hormuz, up to $20 billion.

Gas prices will dip below $3 a gallon “again before too long,” Energy Secretary Chris Wright promised Sunday. The national gas price average is $3.45 a gallon as of Sunday, per the American Automobile Association. It was just below $3 before the attacks on Iran began a week ago.