US Energy Secretary Chris Wright has acknowledged that American petrol prices may not return to below $3 a gallon until 2027, walking back earlier, more optimistic forecasts. Speaking on CNN, Wright declined to give a firm timeline, saying only that prices had "likely peaked" and would fall, and suggested an end to the ongoing US-Israeli war with Iran — which twice prompted Iran to close the Strait of Hormuz (the narrow waterway through which a significant share of the world's oil supply passes) — could accelerate the decline. The admission is a notable shift for the Trump administration, which had campaigned on a pledge to push prices below $2 a gallon; prices currently average above $4, up from roughly $2.98 before the Iran conflict began in late February.