Washington expects oil prices to peak in coming weeks

Oil prices are likely to hit their peak "in the next few weeks" once ship traffic resumes through the Strait of Hormuz, ​U.S. Department of Energy Secretary Chris Wright said.

According to him, prices are expected to ‌continue rising until "meaningful" ship traffic resumes through the strait.

"We're going to see ​energy prices high - and maybe even rising - until we get meaningful ship traffic through ​the Strait of Hormuzю That'll probably hit the peak oil price ⁠at that time. That's probably sometime in the next few weeks," Wright said.

Wright also gave an update on oil production in Venezuela, ​after the U.S. captured ​President Nicolas Maduro, and its interim government led a sweeping reform of the country's main oil law that was approved later that month, ​encouraging foreign investment. He said 150 million barrels of Venezuelan oil had been ​sold since ⁠January 3 and that production has ramped up by 25%.