U.S. Energy Secretary says oil price spike driven by ‘fear premium’
March 9, 2026
(World Oil) – U.S. 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 U.S.-Israeli war with Iran will only temporarily disrupt markets and ship traffic, saying the timeline “in
