Oil Prices Climb Near $100 as Energy Secretary Warns Prices Will Keep Rising

April 14, 2026 — Oil Prices Climb Near $100 as Energy Secretary Warns Prices Will Keep Rising.

Energy Secretary Warns of Further Increases

Crude oil prices climbed toward $100 per barrel on April 14 as the U.S. naval blockade took effect and diplomatic uncertainty intensified. Brent crude has risen approximately 40% since the war began on February 28, reflecting the most significant supply disruption since the 1970s energy crisis. WTI crude traded near $98, recovering from the brief dip below $95 during the ceasefire announcement.

U.S. Energy Secretary Chris Wright told attendees at the Semafor World Economy conference that prices will remain elevated and 'maybe even rising' until 'meaningful ship traffic' resumes through the Strait of Hormuz. He estimated this could occur 'sometime in the next few weeks' — a timeline that implies sustained pain for consumers and businesses.

The price trajectory has direct consequences for American consumers. With the national gas price average at $4.125, every $5 increase in crude oil translates to roughly $0.12-0.15 per gallon at the pump within 2-3 weeks. If crude sustains above $100, gas prices could reach $4.40-4.50 nationally by early May.