Chris Wright says price increase would last weeks, not months, and that US would not target Iran’s energy industry

The US Department of Energy secretary, Chris Wright, said on Sunday that the spike in energy prices would last weeks, at the worst, not months, and that the US would not target Iran’s energy industry.

His comments come amid rising anxiety that Iran’s response to the US-Israel strikes, which caused a reduction in shipping through the strait of Hormuz and production slowdowns in some oil and gas producing states in the Middle East, may cause broad economic turbulence and higher inflation.