Valero gas prices are displayed in Austin, Texas, on June 16, 2026. Brandon Bell/Getty Images
U.S. Secretary of Energy Chris Wright said on June 21 that commercial shipping traffic through the Strait of Hormuz is “back to normal” after the United States and Iran signed a preliminary agreement to open the waterway and end hostilities.
Wright further predicted that oil, gas, and energy prices will decline. During the conflict, Iran effectively shut down the Strait of Hormuz, a critical waterway that normally carries about one-fifth of the world’s traded oil, causing prices to surge.
