U.S. Energy Secretary Chris Wright stated on Friday that low oil prices provide President Trump with increased leverage in dealing with Iran, as the two adversarial nations hover on the brink of potential conflict. When questioned about the risk of supply disruptions due to U.S.-Iran tensions, Wright remarked in an interview, "The global oil supply is currently very ample, which I believe gives President Trump more room for geopolitical maneuvering without the concern of triggering a sharp spike in oil prices."

Oil markets are closely watching the escalating tensions in the Middle East for any signs of possible disruptions to crude supply. On Friday, U.S. crude rose by 26 cents, or 0.4%, settling at $63.55 per barrel. Oil prices have climbed more than 10% since the start of the year, following a 20% decline in 2025. Market analysts widely anticipate a supply surplus this year, as OPEC+ increases output and U.S. production remains robust.

President Trump has deployed the USS Abraham Lincoln carrier strike group to the Middle East and threatened military action if Iran refuses to negotiate over its nuclear program. In January, during widespread anti-government protests in Iran, Trump threatened strikes but ultimately refrained from taking action.

Earlier on Friday, U.S. and Iranian diplomats held talks in Muscat, Oman, regarding Iran’s nuclear program. Iranian Foreign Minister Abbas Araghchi described the discussions as a "good start" in official media reports.

Iran, an OPEC member, produces over 3 million barrels of oil per day.

Wright also projected that Venezuela’s output would increase by several hundred thousand barrels per day this year, following the U.S. capture of former President Nicolás Maduro in early January. The U.S. has taken control of Venezuela’s oil sales, and President Trump is pressuring American companies to help rebuild the country’s energy sector.

Commenting on the South American nation’s production growth, Wright said, "This will account for a significant portion of global demand growth this year. Venezuela will become another stabilizing factor in the energy market."