00:00U.S. Secretary of Energy Chris Wright says oil prices are likely to peak in the coming weeks
00:06once ship traffic resumes through the Strait of Hormuz.
00:10He says prices will continue to rise until enough vessels return to normal operations,
00:15despite early expectations that the market might stabilize sooner than anticipated.
00:23Previously, U.S. President Donald Trump had warned that oil and patrol prices could remain elevated
00:28until the midterm elections scheduled for November.
00:31Since the war started on February 28, Iran has largely blocked the Strait of Hormuz for all ships but its
00:38own.
00:39Tehran has been seeking to make its control of the waterway permanent
00:42and possibly collect levies from ships that use it.
00:46In response, the U.S. military has initiated a blockade of the Strait,
00:50saying it would extend east to the Gulf of Oman and Arabian Sea
00:54after weekend talks in Pakistan and the conflict collapsed.
00:57Ship tracking data showed two ships turn around in the Strait as the blockade went into effect.
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