US Energy Secretary warns of price spike

The US Secretary of Energy has warned that energy prices may rise and could peak in the next few weeks. This forecast is directly linked to the ongoing US blockade of Iran, which has severely restricted shipping through the critical Strait of Hormuz. Energy analyst Chris Wright noted that as long as a significant volume of ships cannot pass through the strait, high prices and further increases are likely. The warning underscores the global economic impact of the military and diplomatic standoff in the Persian Gulf.