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 Monday.

Prices are expected to continue rising until "meaningful" ship traffic resumes through the strait, Wright told the Semafor World Economy Forum in Washington, despite previous comments he made that oil prices would likely come down soon.

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

President Donald Trump said Sunday that the price of oil and gasoline may remain high until November's midterm elections, a rare admission of the potential political fallout from his decision to attack Iran six weeks ago.

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