Gasoline Prices Appear to Peak Amid Iran War, Markets Eye De-escalation

ERBIL (Kurdistan24) – U.S. Energy Secretary Chris Wright said Tuesday that gasoline prices appear to have peaked following a recent surge driven by the Iran war, signaling a shift in tone after U.S. President Donald Trump publicly criticized his earlier cautious outlook.

Speaking before the Senate Energy and Natural Resources Committee, Wright said he does not typically predict energy prices but noted that recent trends suggest prices may have already reached their highest point.

“I would say gasoline prices — it looks like they peaked about a week or so ago,” he told lawmakers.

Wright added that the peak remained about one dollar per gallon lower than the highest levels recorded during the administration of Joe Biden. He emphasized that this came despite ongoing tensions in a key energy-producing region, describing the situation as occurring “in the midst of ending a 47-year conflict in the Middle East.”

Meanwhile, global markets showed cautious optimism. Oil prices steadied on Tuesday after sharp gains a day earlier, as investors held out hope for a potential agreement to end the conflict and reopen the strategically vital Strait of Hormuz, a critical route for global oil and gas shipments.

Iran has yet to dispatch a delegation to neighboring Pakistan for a new round of peace talks with the United States, even as a two-week ceasefire is due to expire on Wednesday.

Brent North Sea crude, the international oil benchmark, remained largely flat after surging in the previous session when Iran moved to reclose the Strait of Hormuz.

On Wall Street, major stock indices opened higher, supported by stronger-than-expected retail sales data for March, even as elevated energy costs continue to weigh on consumers.

In Europe, markets were mixed in afternoon trading, with London and Paris edging lower while Frankfurt held steady. Asian markets, however, closed the day broadly higher, reflecting cautious investor confidence.