Wright Says Gas Prices Peaked As Brent Holds Above $108

US Energy Secretary Chris Wright declared gasoline and diesel prices had peaked, according to a report by ABC News. Both fuels hit their highest points in weeks earlier this month, Wright stated, expressing hope that the costs would drop further. He acknowledged public frustration at the gas pumps, which has dampened consumer confidence, yet assured that the administration is exploring multiple strategies to alleviate the issue.

Recent data from AAA indicated the average diesel price at the pump was $6.319 per gallon, a decline from the previous all-time high of $6.50. Regular gasoline prices also fell from the $4.50 mark to $4.295 by Sunday, although they remained above the politically sensitive $4 level.

Wright informed Fox News that officials from the Trump administration were deliberating on releasing diesel reserves in collaboration with European partners. Analyst June Goh of Sparta Commodities SA noted in a Bloomberg interview that the markets seem hesitant to accept the surge in prices while the broader economy appears sluggish.

She added that Brent crude is expected to stay near $100, given consumer sentiment remains negative. The Wall Street Journal reported on Putin's initiative to arrange talks between Russian President Vladimir Putin, US President Donald Trump, and Chinese President Xi Jinping. Moscow later confirmed that discussions were under way.

Earlier this week, the International Energy Agency echoed Goldman Sachs energy analyst Nikhil Bhandari's warning that there's no quick solution at the pump, as the refining crisis, particularly for diesel, will likely continue into the following year.