U.S. Energy Secretary Chris Wright indicated on Sunday that gas prices have likely reached their peak but may remain above $3 per gallon until next year. Speaking on CNN’s “State of the Union,” Wright suggested that prices could drop below $3 later this year or possibly in 2027, depending largely on developments in the ongoing conflict involving the United States, Israel, and Iran.

Gas prices have risen amid heightened tensions and military actions connected to the war between the U.S. and Israel against Iran, as well as Iranian attacks on neighboring countries. These increases have presented political challenges for President Donald Trump ahead of the November midterm elections, where the Republican Party is defending narrow majorities in both the Senate and House of Representatives.

Wright stated that a resolution to the conflict would likely lead to a decline in gas prices, emphasizing that prices under $3 per gallon would represent a significant relief when adjusted for inflation. He expressed confidence that prices would eventually return to that level.

However, officials within the Trump administration have offered varying timelines regarding the pace of this decline. Treasury Secretary Scott Bessent recently forecasted that gas prices could fall to around $3 per gallon this summer, while President Trump himself has suggested prices may stay elevated until November.

As of Sunday, the average price for a gallon of regular gasoline stood at $4.05, according to AAA, up from $3.16 during the same period last year. Despite current volatility, administration officials remain optimistic that prices will ease once the conflict in the region deescalates.