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US Official Says Gas Prices Have Peaked Despite Iran War

US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)
US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)
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US Official Says Gas Prices Have Peaked Despite Iran War

US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)
US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)

US Energy Secretary Chris Wright said Tuesday that gasoline prices appeared to have peaked after a surge linked to the Iran war -- a marked shift in tone a day after President Donald Trump publicly rebuked his earlier, more cautious outlook.

"I don't know the future of energy prices -- often I will speculate or look at those things. I would say, gasoline prices, it looks like they peaked about a week or so ago," Wright told the Senate Energy and Natural Resources Committee.

He said the high point was $1 a gallon cheaper than the peak during the administration of Trump's predecessor Joe Biden, adding: "Yet we're in the midst of ending a 47-year conflict in the Middle East, a major energy producing region."

The remarks mark an abrupt pivot from comments Wright made on CNN on Sunday, when he warned that prices might not fall below $3 per gallon until next year due to disruptions in global oil flows.

But Trump swiftly distanced himself from that assessment, telling politics news outlet The Hill that Wright was "totally wrong" to suggest a prolonged period of elevated prices. He said prices would fall "as soon as this ends," referring to the Iran war.

The rebuke underscores tensions within the administration as it grapples with the economic fallout from the conflict, which has rattled global energy markets.

Oil prices surged after disruptions in the Strait of Hormuz -- a critical shipping chokepoint off Iran's southern coast -- pushed US gasoline above $4 a gallon for the first time since 2022.

Data from AAA show the national average for regular gasoline at $4.02 on Tuesday, down slightly from $4.118 a week earlier -- lending some support to Wright's claim that prices were coming down.

Still, prices remain sharply higher than roughly $3.15 a year ago, underscoring the political sensitivity of fuel costs ahead of November's congressional elections.

The current crisis is rooted in decades of US-Iran tensions dating back to the 1979 revolution and hostage crisis.

The latest flare-up has seen shipping restrictions, military pressure and a fragile ceasefire that appeared close to expiring as of Tuesday, with no clear path to lasting resolution.

While oil benchmarks have eased from recent highs, any renewed disruption in the Gulf could quickly reverse that trend.

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Business

Saudi Stock Market Edges Lower in First Session of the Week

An investor monitors a stock screen at the Saudi financial market in Riyadh (AFP)
An investor monitors a stock screen at the Saudi financial market in Riyadh (AFP)
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Saudi Stock Market Edges Lower in First Session of the Week

An investor monitors a stock screen at the Saudi financial market in Riyadh (AFP)
An investor monitors a stock screen at the Saudi financial market in Riyadh (AFP)

Saudi Arabia’s stock market index ended trading slightly lower, falling 0.25 percent to close at 10,968 points, amid trading turnover of around SAR2.9 billion, the lowest level since January 2026.

Mining giant Maaden fell 2 percent to close at SAR62.7, while SABIC declined by the same percentage to SAR59.4. Arabian Drilling slipped 1 percent to SAR86.6.

In the banking sector, Saudi National Bank shares fell 0.26 percent to SAR38.5.

Meanwhile, Saudi Aramco, the index’s heaviest-weighted stock, rose 0.3 percent to close at SAR27.78.

ACWA Power also gained 2 percent to SAR181.10.

Kingdom Holding rose 6 percent to SAR11.01, while Solutions climbed 4 percent to close at SAR229.6.

Business

Oman Inflation Rises 3.2% in April

Shoppers at a food and beverage store in Oman. (Reuters)
Shoppers at a food and beverage store in Oman. (Reuters)
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Oman Inflation Rises 3.2% in April

Shoppers at a food and beverage store in Oman. (Reuters)
Shoppers at a food and beverage store in Oman. (Reuters)

Oman’s consumer price index (CPI) rose 3.2 percent in April compared with the same month in 2025, based on 2018 as the reference year.

The National Center for Statistics and Information said in data carried by the Oman News Agency on Sunday that average inflation during the period from January through April increased by 2.6 percent.

The data showed that the miscellaneous personal goods and services group recorded the highest increase at 9.2 percent, followed by food and non-alcoholic beverages at 6.2 percent, and transport at 6 percent.

The food and non-alcoholic beverages group recorded increases across most categories in April compared with the same month last year, led by vegetables at 25 percent, followed by fruits at 11.6 percent, and fish and seafood at 6.1 percent.

The data also showed varying inflation rates across Oman’s governorates at the end of April compared with the corresponding period last year. Al Dhahirah Governorate recorded the highest increase at 4.4 percent, followed by Al Dakhiliyah and Muscat governorates at 3.7 percent, and Al Buraimi Governorate at 3.5 percent.

Business

Gulf, International Initiative to Assess War’s Impact on Private Sector

A previous meeting of the Federation of GCC Chambers in Riyadh. (SPA)
A previous meeting of the Federation of GCC Chambers in Riyadh. (SPA)
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Gulf, International Initiative to Assess War’s Impact on Private Sector

A previous meeting of the Federation of GCC Chambers in Riyadh. (SPA)
A previous meeting of the Federation of GCC Chambers in Riyadh. (SPA)

Asharq Al-Awsat has learned of a joint initiative by the Federation of GCC Chambers and the International Labor Organization to conduct a rapid assessment of the impact of the war on the private sector and labor markets across Gulf Cooperation Council countries.

The initiative is expected to contribute directly to the formulation of actionable recommendations aimed at preserving labor market stability and supporting business continuity.

The initiative seeks to assess the impact of the current crisis and conflict on private sector institutions, with particular focus on small and medium-sized enterprises, as well as on labor markets across GCC states.

According to the information obtained, the Federation of GCC Chambers has asked private sector companies and institutions across member states to document the impact of the war, whether they market their products domestically or in regional and international markets.

The federation is also seeking to determine the effects of the current regional crisis on supply chains and private sector operations, including delays in receiving imported inputs, shortages of critical materials affecting operations, higher transportation and logistics costs, and disruptions in the distribution of goods and services to markets and customers.

It is also examining the direct impact of disruptions to maritime trade routes, including the Strait of Hormuz, on businesses, particularly in terms of rerouting shipments through alternative routes or transport methods, difficulties shipping or receiving goods by sea, increased shipping and insurance costs, declining import and export volumes, and shipment or order delays and cancellations.

The federation has further requested information on the extent to which the crisis has affected overall operating expenses, whether significantly, moderately or not at all, as well as its impact on companies’ investment plans, including whether firms intend to cancel, reduce or indefinitely postpone investments, or instead increase spending to adapt, restructure or respond to new conditions.

Among the challenges the federation is seeking to assess are companies’ ability to cover operating and fixed costs, revenue conditions, and the immediate measures taken regarding their workforce in response to the crisis, including reducing working hours, shifting employees to part-time arrangements, freezing recruitment and hiring, cutting wages and benefits, or reallocating staff to different roles and functions.

Secretary-General of the Gulf Cooperation Council Jasem Albudaiwi recently said that a series of Gulf economic and financial achievements had strengthened regional integration and reinforced financial stability in the face of evolving challenges.

Speaking during the 125th meeting of the GCC Financial and Economic Cooperation Committee in mid-May, Albudaiwi said the current war crisis requires Gulf states to move beyond traditional coordination toward a higher level of practical integration and effective response.

He said the accelerating crises and growing economic challenges facing the region underscore the urgent need for a conscious response and measures capable of mitigating their impact on GCC economies, which have long been characterized by openness and deep engagement with the global economy.

Albudaiwi also stressed the need to expedite the completion of key joint Gulf projects, including transportation and logistics initiatives, while accelerating implementation of the GCC railway project and strengthening the regional electricity interconnection network.

He further called for studying the establishment of oil and gas pipeline networks, a GCC water interconnection project, strategic Gulf stockpile zones, and measures to ensure adequate liquidity reserves at central banks.