Interior Secretary Doug Burgum told Newsmax on Thursday that the spike in oil prices tied to the conflict with Iran reflects short-term market disruptions, but he expressed confidence that prices will fall once Operation Epic Fury ends.
Speaking on "Finnerty," Burgum pointed to President Donald Trump's energy strategy as a key factor in stabilizing markets despite recent volatility.
"President Trump built his energy strategy, his strategy of energy dominance, for a moment just like this," Burgum said.
"This is all about we're going to produce more in the United States. It's going to make it affordable for people that are working families in America."
Oil prices surged sharply this week as fighting escalated in the Middle East, with Brent crude — the global benchmark — briefly approaching $119 a barrel Thursday amid fears of supply disruptions and threats to shipping routes like the Strait of Hormuz.
That marks a dramatic increase from late February, when the conflict began. Brent crude was trading around $72 to $73 a barrel on Feb. 28, meaning prices have jumped by more than 50% in just a few weeks.
Burgum acknowledged the immediate impact on consumers, including rising gasoline prices, but argued the current surge is temporary.
"I'm very optimistic about our economic future," he said. "I'm very optimistic with the progress we're making against this terror regime, that this is going to lead to long-term lower prices, and that long term is going to happen quite quickly once the conflict is over."
Markets have been rattled by concerns that Iran could disrupt global oil flows, particularly through the Strait of Hormuz, a crucial chokepoint for energy shipments. Analysts say geopolitical risk — rather than supply fundamentals alone — is driving much of the price spike.
Burgum also pushed back on concerns the conflict could drag on for months or longer, which could keep energy prices elevated.
"President Trump has been clear from the beginning that what we have left is weeks, not months," Burgum said. "The progress we're making militarily with the precision and the power of the U.S. military, the objectives are going to be accomplished in that time frame."
He added that expectations for rapid outcomes have increased in recent years, citing past U.S. foreign policy successes, but maintained confidence in the current trajectory.
Beyond pricing, Burgum described Iran's actions as a threat to the global economy, particularly its attempts to disrupt maritime traffic.
"Now they're trying to take the world economy hostage by closing the strait," he said. "The world is not going to let that happen."
Despite the current surge, Burgum reiterated that expanded U.S. production and allied cooperation would ultimately bring stability back to energy markets.
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