Global oil markets remain under intense pressure as prices hover near recent highs, but U.S. Energy Secretary Chris Wright said Monday that crude has not yet reached levels that would significantly erode demand.

Speaking at the CERAWeek energy conference in Houston, Wright said that despite the sharp run-up in prices driven by Middle East tensions, consumption trends have not shown signs of a meaningful pullback.

As of around 10:30 a.m. ET on March 23, 2026, Brent crude was trading roughly in the $110 to $113 per barrel range, while U.S. benchmark West Texas Intermediate was hovering near $98 to $100 per barrel, reflecting continued volatility tied to geopolitical developments.

The surge follows escalating conflict involving the U.S., Israel, and Iran, which has disrupted a critical global trade chokepoint and damaged key energy infrastructure across the region. The instability has triggered a supply shock, sending crude prices sharply higher in recent weeks.

Wright emphasized that while markets are clearly strained, the price environment has not yet crossed the threshold historically associated with demand destruction.

Supply pressures are most acute in Asia, where refiners are feeling the greatest strain. The U.S. is working to redirect more crude to the region in an effort to stabilize flows and limit broader economic fallout.

The administration’s objective, Wright said, is to maintain adequate market supply while avoiding a scenario in which sustained high prices begin to significantly suppress global energy consumption.