'I would say it's impossible. Our focus is on the military campaign and resolving that issue,' he told CNN on 12/3, responding to a statement from Iran.

The previous day, Ebrahim Zolfaqari, spokesperson for Iran's military command, had warned the world to 'be ready for oil prices to reach 200 USD per barrel' should the conflict escalate.

In 2008, Brent crude oil prices hit a record high of around 147 USD per barrel, driven by tensions between Western nations and Iran regarding its nuclear program, a weak dollar, and inflation concerns.

US energy secretary Chris Wright at a forum on 11/3 in Washington. Photo: Reuters

This time, analysts warn that oil prices could remain high because the Strait of Hormuz, a vital global oil and gas shipping lane, shows no early signs of reopening. On 12/3, Iran's new Supreme Leader Mojtaba Khamenei announced the continued blockade of the Strait of Hormuz to pressure the US and Israel. Before the conflict, approximately 20% of global oil and gas was transported through this route. On 9/3, oil prices at one point approached 120 USD per barrel.

'We are in a period of short-term disruption to ensure the long-term flow of energy,' Wright stated on CNN. He affirmed the administration is focusing on 'practical solutions to navigate a few weeks of tight energy supply.'

On 11/3, Trump called on oil and gas companies to continue passing through Hormuz, despite the risks. 'I think they should use this strait,' he said. When asked if Iran had laid mines there, he replied: 'We don't think so.'

Nevertheless, on 12/3, Wright also told CNBC that the US Navy currently cannot immediately escort oil tankers through the Strait of Hormuz due to resource limitations. 'That will happen relatively soon, but not right now,' he said.

Wright disclosed that the energy shortage has minimal impact on the US and other Western Hemisphere nations. 'There is no shortage; in fact, the oil market in the Western Hemisphere isn't truly tight. The issue lies in Asia,' he stated.

World oil prices surged over 9% during the 12/3 trading session. Brent crude is currently trading around 100 USD per barrel, while US WTI crude oil stands at 95 USD. Yesterday, 2 oil tankers caught fire at an Iraqi port, suspected of being attacked by Iranian explosive-laden boats, while numerous other tankers remain stranded due to the Hormuz Strait blockade.

Ha Thu (according to Reuters)