Wright Says Gas Prices Peaked As Brent Holds Above $108

AI Summary

Brent crude briefly reached $109.99 per barrel before retreating as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and maritime lanes. U.S. Energy Secretary Chris Wright said gasoline and diesel prices had peaked several weeks earlier, signaling expectations of easing pump prices.

Brent crude futures briefly tagged $109.99 a barrel in overnight trading before retreating from five-month highs during the Asian session and into European trading, as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and critical maritime shipping lanes. US Energy Secretary Chris Wright reinforced expectations of easing fuel prices at the pump, with ABC News quoting him on Sunday as saying gasoline and diesel prices had "peaked." "Both gasoline and diesel prices peaked a few weeks ago," Wright said, adding…