U.S. Energy Secretary Chris Wright stated on the 13th that oil prices are expected to remain high for some time and could potentially rise further. Previously, Wright had publicly claimed that oil prices might decline soon in an effort to calm market sentiment.
Speaking at an economic forum in Washington, D.C., Wright indicated that oil prices are unlikely to ease unless there are "substantial" signs of restored shipping traffic through the Strait of Hormuz—a change that may occur in "a matter of weeks."
On the 12th, U.S. President Donald Trump remarked that high oil prices could persist through the November midterm elections. Analysts view this as a rare admission by Trump that military action against Iran could impact domestic U.S. politics.
Wright also commented on Venezuela's oil production on the 13th, noting that 150 million barrels of Venezuelan oil have been sold since January 3.
In the early hours of January 3, 2026, U.S. forces raided Venezuela, forcibly taking control of President Nicolás Maduro and his wife and transporting them to the United States. Trump later stated that the U.S. would "manage" Venezuela until a "secure" transition is implemented, with major American oil companies expected to enter the country for large-scale investment.
Amid ongoing tensions in the Middle East, international oil prices have surged significantly. On the 13th, the International Monetary Fund, the World Bank, and the International Energy Agency jointly urged nations to avoid hoarding energy supplies or imposing export controls to prevent further strain on already tight global energy markets.
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