Energy & Environment

Duffy: Energy prices will drop ‘once the Strait opens’

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by Tara Suter - 05/03/26 10:50 PM ET

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by Tara Suter - 05/03/26 10:50 PM ET

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Transportation Secretary Sean Duffy said Sunday that energy prices will go down after the Strait of Hormuz, which has been closed amid the U.S. conflict against Iran, is opened again.

“Well, listen, so I’m at [the Department of Transportation (DOT)], I’m not in the energy sector. But, from all the briefings I’ve had, once the Strait opens, you’ll see prices come down, come down immediately,” Duffy told ABC News’s Martha Raddatz on “This Week.”

“And again, there’s going to be a tail to that. It’s going to take time to get back to where we were before this conflict began, but you’re going to see, I think, immediate relief once the Strait opens,” the Transportation secretary added.

On Sunday, Trump said that the U.S. will assist in freeing ships in the Strait of Hormuz, a key waterway for the oil industry.

“Countries from all over the World, almost all of which are not involved in the Middle Eastern dispute going on so visibly, and violently, for all to see, have asked the United States if we could help free up their Ships, which are locked up in the Strait of Hormuz, on something which they have absolutely nothing to do with — They are merely neutral and innocent bystanders!” the president said in a Truth Social post on Sunday evening.

“For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” he added.

Trump has said the effort, which he called “Project Freedom,” will begin Monday morning, “Middle East time.”

The Iranian military has impeded shipping in the Strait of Hormuz due to the U.S.-Israeli conflict against the Middle Eastern country, causing higher oil prices. Per AAA, the average price of a gallon of gas in the U.S. is currently at about $4.45, up from about $3.17 last year.

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