US Energy Secretary Chris Wright delivered a sobering message on June 9: even after the conflict with Iran ends, getting global energy supplies back to normal won’t be quick. Speaking at the Atlantic Council, Wright said the recovery would take “many months,” a timeline that should concern anyone watching inflation, commodity prices, or the downstream effects on risk assets like crypto.
The disruptions trace back to late February, when US and Israeli military strikes on Iran threw a wrench into one of the world’s most critical energy chokepoints. The Strait of Hormuz, a narrow waterway between Iran and Oman, handles roughly 20% of the world’s oil and liquefied natural gas shipments.
What’s actually happening at the Strait of Hormuz
Wright noted that ship traffic through the Strait has risen “very meaningfully” compared to recent weeks. But “more than recently” is not the same as “back to normal.”
Wright, who serves as the 17th US Secretary of Energy under President Trump, has been pushing an energy dominance agenda focused on expanding domestic production and exports.
