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Secretary Wright Says Reopening the Strait of Hormuz Would Drop Energy Prices, on Fox Business from CERAWeek

March 23, 2026 · U.S. Department of Energy · 0:02:59

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What happened

Secretary of Energy Chris Wright joined Fox Business from CERAWeek in Houston on March 23, 2026, in the fourth week of the war with Iran, according to the Department of Energy broadcast. Wright said that if the Strait of Hormuz reopens and energy flows again — which he said could happen if a peace agreement is reached — energy prices would drop significantly, as stated in the interview. He said the United States entered the conflict in a strong position, with U.S. oil and natural gas production at record highs, according to his remarks.

Asked whether roughly $4 gasoline factors into discussions with Iran, Wright said there is no “magic threshold,” but that President Trump was elected to drive energy prices down and the administration is doing everything it can to offset the spike, which he characterized as a few weeks of disruption to solve a multigenerational problem, as stated in the interview. He acknowledged damage to Gulf energy infrastructure — the host cited an IAEA-linked assessment of 40 damaged assets across nine nations — but argued that 47 years of Iranian destabilization made the confrontation necessary, according to his remarks.

Why it matters

Wright’s appearance is the administration’s energy-case for the Iran war’s price spike: temporary pain at the pump, he argued, in exchange for ending a decades-long threat to global energy flows.

Sources: U.S. Department of Energy, “Secretary Wright Joins Stuart Varney on Fox Business - March 23, 2026”, 2026-03-23 (official upload, embedded above; published 2026-03-23). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.