Trump’s Energy Boss Plays Down Price Shock From Iran Conflict

US President Donald Trump’s energy chief downplayed the impact the US-Israeli war with Iran is having on energy markets, saying prices haven’t risen enough to trigger “meaningful demand destruction.”

“Markets do what markets do,” Energy Secretary Chris Wright said during remarks at the CERAWeek by S&P Global conference in Houston on Monday. “Prices went up to send signals to everyone that can produce more.”

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Wright was responding to a question about the impact of the effective closure of the Strait of Hormuz, a vital waterway for ...