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HOUSTON — U.S. Energy Secretary Chris Wright will speak at an energy conference on Monday, as financial markets look to President Donald Trump to signal that the Iran war could end soon.
Top oil companies, U.S. government officials, and influential policymakers from around the world gather in Houston, Texas, to participate in S&P Global’s annual conference, CERAWeek. The rally was held as the Iran war caused the largest oil supply disruption in history.
Wright’s comments Monday came after President Trump said he would delay attacks on Iranian power plants for five days following “productive” dialogue with the Islamic Republic. The president told CNBC that the United States is “very eager to reach a deal with Iran.”
The president had threatened on Saturday to bomb Iran’s power infrastructure if it did not fully open the Strait of Hormuz. According to state media, Iran has threatened to retaliate against “all infrastructure of energy, information technology and desalination facilities” in the region belonging to the United States and Israel.
Oil tanker traffic through the strait has plummeted as Iran attacks commercial ships in the Persian Gulf. The Strait is the most important shipping route for world oil exports. Before the war, about 20% of the world’s goods passed through this narrow waterway.
Strong rhetoric from the United States and Iran has raised concerns that the Middle East’s energy infrastructure could face new attacks that would further exacerbate supply disruptions. But President Trump’s comments Monday raised hopes in the market that there may still be a way to calm down the war. On Monday, oil prices soared and Dow futures soared. The 10-year US Treasury yield fell.
brent crude oil priceSince the United States and Israel attacked Iran on February 28, the international benchmark dollar has soared more than 40%, topping $100 a barrel.
