US Energy Chief Says ‘Fear Premium’ in Oil Markets Will Ebb

US Energy Secretary Chris Wright sought to counter market warnings about an extended Middle East war, saying global energy supplies are sufficient and the surge in oil prices reflects a “fear premium” that won’t last.

Wright joined President Donald Trump in arguing that the US-Israeli war with Iran will only temporarily disrupt of markets and ship traffic, saying the timeline “in the worst case” is a matter of weeks, rather than months.