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US Leaders: Oil Price Spike Will Be Brief
Iran's response to United States and Israel strikes disrupted shipping. This happened through the Strait of Hormuz.
Oil prices spiked as a result. White House spokesperson Karoline Leavitt said the spike will not last long.
Energy Secretary Chris Wright said prices may rise for weeks at most. Wright said the spike will last weeks, not months. He also said the United States will not target Iran's energy industry.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. About one-third of world's oil travels through it. When shipping stops there, global oil prices rise quickly.
Key Terms 3
- Strait of Hormuz
- A narrow sea passage used to ship oil from the Middle East
- Energy Secretary
- The United States government leader in charge of energy policy
- oil price spike
- A sudden sharp rise in the cost of oil