Secretary of Energy Chris Wright’s acknowledgment in a TV interview undercut President Trump’s earlier claim that price increases would be “short-term.”
Analysts said energy and shipping companies would be reluctant to fully restore operations until they were confident that hostilities were over.
But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.
Stocks may be soaring again, but the war in Iran has started to pinch the finances of many Americans.
If tankers do not soon begin crossing the Strait of Hormuz, airlines in Europe may not have enough jet fuel to operate all of their flights.
President Trump is confronting a crisis that is not bending to his narrative of a “pretty reasonable” new regime in Iran and all-but-assured victory for the United States.
The conflict could also fuel another bout of inflation, according to the International Monetary Fund.
Oil markets shrugged it off, but the effort to hurt Iran could provoke retaliation that inflicts more damage on energy assets and the global economy.
Our energy reporter Rebecca F. Elliott explains why, even if the flow of energy is restored through the Persian Gulf, it will take months to carry out repairs across dozens of energy sites in the region.
An association of airports told European Union officials that fuel shipments through the Strait of Hormuz had to restart within three weeks to avoid a “systemic” shortage.