Oil prices experienced a significant surge of 25% following increased tensions with Iran under the Trump administration's targeting policies. Energy Secretary Chris Wright addressed the market volatility, stating that normal tanker movement in the Middle East should resume within "a few weeks at worst."

Wright attributed the current price increases to what he termed a "fear premium" in the oil markets, suggesting that concerns about supply disruptions were driving the elevated pricing rather than actual shortages.

The Energy Secretary's comments appear aimed at reassuring markets that any disruptions to oil tanker operations in the strategically important Middle East shipping lanes would be temporary. The region handles a substantial portion of global oil transport, making any perceived threats to navigation a significant concern for energy markets.

Wright indicated his expectation that the fear premium affecting oil prices would dissipate in a matter of weeks rather than months, suggesting confidence that normal operations would be restored relatively quickly. The timeline provided by the Energy Secretary represents the administration's assessment of how long current tensions might continue to impact energy markets.