US Energy Secretary Chris Wright presented a forecast for the trajectory of global energy prices. The secretary anticipates that oil and other energy prices will reach their peak within the next few weeks. This trend is directly linked to the ongoing armed conflict in Iran.

In the longer term, after the active phase of the conflict ends, oil prices are expected to return to their prior fundamental levels. Restoring market balance will take time. Wright highlighted a direct relationship between the duration of the military conflict and the pace of subsequent economic stabilization.

Global oil prices rallied after fruitless US–Iran talks aimed at resolving the Middle East situation. On April 13, financial markets were overwhelmed by high volatility.

Crude prices at one point spiked more than 7%, topping $102 a barrel. Industry experts warn that if the crisis in Iran drags on, oil prices could develop a rapid rally.  

Goldman Sachs analysts do not rule out the possibility that commodity prices will set new record highs by the year's end. TASS reports that the outlook will depend on the parties’ willingness to engage in dialogue and on the stability of petroleum supplies from the crisis region.