A deal with Iran could come in days, Wright says, ceasefire is already under strain
US Energy Secretary Chris Wright. Photo: file
US Energy Secretary Chris Wright on Friday said the Strait of Hormuz was expected to reopen “sometime this summer at the latest,” while warning that the US military could intervene if Iran continued disrupting traffic through the strategic waterway.
Speaking to CNBC from an LNG terminal in Cameron, Louisiana, Wright said a diplomatic agreement with Iran could emerge “in the next few days” despite strains surrounding the fragile US-Iran ceasefire brokered by Pakistan on April 8 and later extended by US President Donald Trump.
“If Iran continues to hold the world economy hostage, the US military will force the reopening of the Straits of Hormuz, but that’s not trivial to do,” Wright said, adding that negotiations remained the preferred option.
The comments came as the American Automobile Association (AAA) reported the US national average gasoline price at $4.53 per gallon on Friday, amid renewed political debate over Trump’s proposal to suspend the federal gas tax. Wright also said US LNG exports are increasing to help offset supply disruptions linked to the Hormuz crisis.
Read: Iran ceasefire a favour to Pakistan’s ‘terrific people, field marshal and PM’: Trump
The US will face growing economic consequences from its “war of choice” on Iran, the Iranian foreign minister warned on Saturday.
On X, Araghchi said Americans would be forced to bear the rising costs of a conflict with Tehran. “Put aside gas price hike and stock market bubble. Real pain begins when US debt and mortgage rates start to jump,” he said.
He also pointed to growing economic pressures inside the US, saying auto loan delinquencies had already reached a more than 30-year high.
“This was all avoidable,” Araghchi added.
