US energy chief says oil price spike reflects temporary ‘fear premium’

US Secretary Chris Wright 

US Energy Secretary Chris Wright said global energy supplies remain sufficient and the recent rise in oil prices reflects a temporary “fear premium” amid escalating tensions in the Middle East that have raised concerns about potential supply disruptions.

 

Wright told CNN on Sunday that a potential US-Israeli conflict with Iran would likely cause only short-term disruptions to markets and shipping, adding that the impact would last 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 is not short of oil today or natural gas.”

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