← Videos · Energy & Permitting

Secretary Wright Says Oil Stayed Below $70 After Iran Nuclear Strikes, on Newsmax

June 24, 2025 · U.S. Department of Energy · 0:04:06

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Secretary of Energy Chris Wright discussed the U.S. strikes on Iran’s nuclear facilities on Newsmax on June 23, 2025, according to the Department of Energy broadcast. Wright noted President Trump had posted that a peace deal was in place, and marveled that despite major hostilities and strikes destroying Iran’s key enrichment facilities, oil was below $70 a barrel on Monday evening and gasoline had fallen 10 cents that day, as stated in the interview.

Asked whether Iran’s nuclear program was eliminated, Wright said there was no detailed damage assessment yet but the program was “massively enfeebled,” and that a peace deal would need to assure the program is completely dismantled and cannot restart, according to his remarks. On the Strait of Hormuz, he said closure was a risk but not a major one: Iran’s own exports and imports move through the strait, the U.S. is the world’s largest oil producer, and a week earlier the U.S. bought zero Middle Eastern oil, as stated in the interview.

Wright said gasoline prices, inflation-adjusted, were the lowest in 20 years and would stay at that low level through the summer, encouraging Americans to travel, according to his remarks.

Why it matters

Two days after the strikes, the Energy Secretary’s message was market calm: the feared $120 oil scenario had not materialized at under $70 a barrel, and he credited the outcome to the president’s negotiating posture.

Sources: U.S. Department of Energy, “Secretary Wright Joins Newsmax - June 23, 2025”, 2025-06-24 (official upload, embedded above; published 2025-06-24). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.