Wright also teased “an announcement very soon” on a US oil firm that’s “the largest producer of oil in Venezuela … ramping up their production,” including by “doing land swaps to be more efficient.” Chevron reportedly signed two agreements Monday to expand its operations in the country.

Also on Monday, Wright said that he no longer anticipated oil prices to go down by this summer. The US on Monday began its blockade of the Strait of Hormuz after weekend negotiations with Iran proved unsuccessful.

“By this summer is an aggressive timeframe now,” Wright said, adding later: “We’re going to see energy prices high and maybe even rising until we get the ships, meaningful ship traffic, through the Strait of Hormuz.”

“It’s a very real possibility” that oil prices rise higher than they have, Wright said. “But once the conflict ends and energy starts flowing again, you’ll start to see downward pressure, but it will take some time. Depending upon the longer the conflict goes, the longer the rebound is.”