Oil passes $100 a barrel as US energy secretary says Iran won't be a 'long-term war'
Oil prices surpassed $100 a barrel on Sunday. The US energy secretary is working to reassure Americans that high gas prices won't last. Chris Wright said the conflict in Iran is a "temporary movement," rather than a "long-term war."
The war may not last long, the effects on the oil market however will be quite long lasting. Doubtful Iran gets back to its pre-war production levels anytime soon, and doubtful shipping insurance costs through the Straight of Hormuz will drop much either. More sabotage likely throughout the region.
Things will get quite messy.
RE