Oil Prices May Hit A New High

The U.S. has given a timeline for the peak.

The peak of world oil prices is likely to occur in the next few weeks - after the resumption of shipping through the Strait of Hormuz. U.S. Energy Secretary Chris Wright said this at the Semafor Economic Forum in Washington, Reuters writes.

He said energy prices will remain high, and possibly even rise, until "real" volumes of ships start passing through the strait.

"We will see oil prices peak around that time. It will happen sometime in the next few weeks," Wright said.

He also said Venezuela's oil production has risen since Nicolas Maduro took over and reformed oil laws. Since January 3, 150 million barrels of Venezuelan oil have been sold, with production up 25 percent.

In the meantime, U.S. President Donald Trump said Sunday that oil and gasoline prices could remain high until after November's midterm elections.

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