Energy secretary predicts rising oil prices due to Iran conflict will be temporary

U.S. Energy Secretary Chris Wright said Sunday that a recent rise in gasoline and energy prices tied to the escalating conflict with Iran is temporary, stressing that markets are reacting more to fear of a prolonged war than to an actual shortage of supply.

Wright made the comments during an interview on CBS’ Face the Nation.

“What you’re seeing is emotional reactions and fear that this is a long-term war,” Wright said.

"We have a temporary period of elevated energy prices, but it will not be long," he also said.