NEW YORK — The United States will avoid targeting Iran’s energy infrastructure during its war with Israel against the Islamic Republic, Energy Secretary Chris Wright assured on March 8, even as oil prices skyrocketed from disruptions in the Strait of Hormuz. Speaking to CNN, Wright predicted any petroleum and gas industry hiccups would last mere weeks, not months, downplaying Israeli strikes on Tehran-area oil depots as minor local fuel incidents.
The conflict has nearly sealed off the Strait of Hormuz, a chokepoint for nearly 20 percent of global crude oil and liquefied natural gas flows, sending markets into turmoil. West Texas Intermediate crude jumped 12 percent on March 6 alone and 36 percent weekly, while US gasoline prices rose 16 percent and diesel 22 percent at the pump, levels unseen since early 2023. Wright told CBS the world remains well-supplied, attributing spikes to short-term fears rather than shortages.
Iran produces about four percent of global oil, much of it sanctioned but still shipped mainly to China. Wright noted US talks with shipping firms to escort early tankers through the strait under military protection, expecting normalcy soon. The Treasury is eyeing eased Russian oil sanctions and a $20 billion reinsurance pool to bolster Hormuz transits, cushioning impacts ahead of November midterms.