Energy Secretary Chris Wright stated on Friday that gasoline prices could begin to fall within weeks, despite sharp price increases due to escalating conflict with Iran, asserting that the oil market disruption would not be permanent.

"Iran has been increasing energy prices for 47 years, the entirety of their regime," Wright said. "We have had a brief interruption, but ultimately we have taken action to end their ability to create disruption, kill Americans and threaten their neighbors."

Wright's remarks come as energy traders and drivers react to surging crude oil and gasoline prices following Iran's military operations against the U.S. and Israel and Tehran's moves to block passage through the Strait of Hormuz.

The waterway is one of the world's most critical oil transport chokepoints.

The Strait of Hormuz, which connects the Persian Gulf and the Gulf of Oman, typically handles about 20% of global oil liquid consumption.

Any threat to shipping in that region is of significant concern to global markets and to American consumers who are watching fuel prices.

The national average for a gallon of regular gasoline was $3.32 on Friday, up from $2.98 a week earlier, according to AAA. The price increases are attributed to rising crude oil prices and traders pricing in the risk of a long-term supply shock.

Patrick De Haan, head of petroleum analysis at GasBuddy, warned that the damage could grow by the day if ongoing supply disruptions persist.

"This means millions of barrels of crude oil that would normally be supplied to the global market are not reaching buyers," De Haan said. "The longer that transport disruption continues day after day, the worse the problem becomes. Even if the strait reopens immediately, the market will face the challenge of making up for the accumulated transport shortfall, and this becomes an increasingly difficult task the longer the backlog grows."

Analysts point out that a prolonged closure or severe transit restrictions in the maritime corridor could significantly boost oil prices, exacerbating inflation risks and putting pressure on the White House after months of fuel prices remaining below 2024 and early 2025 levels.

President Donald Trump, who has made lowering energy costs a central promise of his 2024 presidential campaign, dismissed concerns on Thursday about the potential for sustained spikes in gasoline prices.

"I’m not concerned at all," Trump told Reuters. "Prices will drop dramatically when this is over. They might go up a little bit, but that's a much more important issue than a little bit of gas."

While the administration asserts that ongoing military and naval actions will help stabilize markets, investors are watching to see how long the conflict will last and whether oil tankers can safely traverse the Gulf waters.

Wright also expressed confidence that markets would adjust faster than many drivers might fear.

He said the timeline for prices to stabilize would be measured in weeks, not months.

By Sung Ku Hong, Chief Reporter for NNP USA / Special Correspondent for this publication NNP info@newsandpost.com