US Energy Secretary Chris Wright stated that oil prices are likely to peak within the next few weeks. He predicted that the rise will continue until shipping through the Strait of Hormuz resumes in significant volumes.

He announced this on Monday at the Semafor Economic Forum in Washington, Reuters reports. Wright had previously held a different position, predicting a rapid decline in oil prices.

"We see high energy prices—and they may rise further—until significant shipping volumes pass through the Strait of Hormuz... Prices will likely peak in the next few weeks," the agency quotes the minister as saying.

US President Donald Trump, for his part, suggested that high oil and gasoline prices could persist until the midterm elections in November.