US Energy Chief Says ‘Fear Premium’ in Oil Markets Will Ebb (1)

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.

“The oil is there,” Wright said Sunday on CNN’s State of the Union. “You’re seeing a little bit of fear premium in the marketplace. But the world ...