Energy Secretary Chris Wright stated that U.S. gasoline prices likely peaked last week. This outlook is supported by market indicators, with the Polymarket WTI Crude Oil contract for April 2026 showing low trader confidence in prices reaching $160.
Wright's comments suggest a potential near-term stabilization in crude oil prices. Previously, market participants had factored in potential spikes due to the U.S.-Iran conflict. However, his statement has led to a recalibration, with traders assigning a lower probability to prices hitting $160.
The Secretary's assessment, while from a tier-3 source, signals a possible easing of energy price volatility. Market participants appear to be adopting a cautious approach, awaiting clearer geopolitical catalysts or official reports on supply expectations.
Key factors to monitor include developments in U.S.-Iran relations, statements from relevant officials, OPEC+ meeting outcomes, and U.S. Energy Information Administration reports.