Price of oil tops $100 per barrel for first time since 2022 as war in Iran continues

Oil prices on Sunday topped $100 per barrel for the first time since 2022 as the Iran war continues.

Energy Secretary Chris Wright predicted on Sunday the rising oil prices would be temporary.

“We’re not loo long away before you’ll see more regular resumption of ship traffic through the Straits of Hormuz,” Wright said on CNN in an interview. “We’re nowhere near normal traffic right now. That will take some time. But again, worst case that’s a few weeks, that’s not months.”