Low oil prices give President Donald Trump more leverage over Iran, U.S. Energy Secretary Chris Wright said Friday, speaking as the two adversaries teeter on the brink of another conflict.
“The world is very well supplied with oil right now, and I think it gives President Trump more leverage in his geopolitical actions to not worry about a crazy spike in oil prices,” Wright told CNBC in an interview when asked about the risk of a supply disruption due to tensions with Iran.
The oil market is closing monitoring tensions in the Middle East for any sign that crude supplies could be disrupted.
U.S. crude
oil rose 26 cents, or 0.4%, to close at $63.55 per barrel Friday. Prices are up more than 10% since the start of the year, after losing 20% in 2025. Oil market analysts are generally expecting a surplus this year after OPEC+ increased output and as U.S. production remains strong.
