Energy markets could see a sharp reversal if tensions ease in the Middle East, as officials say a diplomatic breakthrough could quickly restore critical oil flows.

U.S. Energy Secretary Chris Wright joined FOX Business’ Lauren Simonetti on “Varney & Co.” to discuss how a potential agreement with Iran could help reopen the Strait of Hormuz and stabilize prices after weeks of disruption.

U.S. Energy Secretary Chris Wright speaking during a panel.  (Anna Moneymaker/Getty Images / Getty Images)

Wright indicated that energy markets are closely tied to developments in the region, emphasizing how quickly conditions could shift if a deal is reached.

A STATE-BY-STATE LOOK AT GAS PRICES AS IRAN CONFLICT PUSHES OIL HIGHER

“They would go down quite a bit. If we see a pathway to have the Strait of Hormuz open soon and energy flowing again, you’d see energy prices drop pretty significantly,” Wright said.

The comments come as global markets react to constrained movement through one of the world’s most critical energy chokepoints, where even temporary disruptions have pushed fuel costs higher for consumers.

Wright suggested the path forward depends on whether Iran is willing to de-escalate and negotiate.

KEVIN O’LEARY FORECASTS GLOBAL POWER SHIFT IN STRAIT OF HORMUZ AS IRAN CONFLICT RATTLES OIL MARKETS

“That could happen if a peace agreement is reached… If Iran thinks enough is enough, and they’re willing to make a deal… Then there’ll be a deal,” Wright said.

For now, officials say short-term market volatility is expected as the situation continues to develop.

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TBC trades as CSP and Vital People

A recruitment firm with bases across the North and the Midlands has been taken over by acquisitive investor Meraki Capital in its fifth deal of the year so far.

Meraki Capital has acquired Chester-based TBC Recruitment, which trades as CSP and Vital People, for an undisclosed amount. It will move those companies into its Magnus Search brand, which it acquired last year.

Magnus is being built up through a series of acquisitions led by MD Bradley Wood. The new deal means it will have access to an £8 million funding facility.

TBC Recruitment specialises in recruitment in sectors including warehousing, food production, logistics, distribution and basic manufacturing. The business has 31 members of staff, all of whom will transfer to the firm’s new owners, and more than 650 temporary workers across its client base. CSP Rectuitment’s website lists contacts across the North and Midlands, including in Doncaster, Leicester, Nottingham and Tamworth.

TBC founder Jason Fox had been looking towards “semi-retirement” and that transition will continue under the group’s new ownership under its existing management team.

Nick Gordon, founder of Meraki Capital, said: “As with so many recruitment companies right now, the company has struggled to keep up with wage inflation, increased National Insurance costs and the broader rise in employment costs. This industry is at a precipice – these traditionally low-margin blue-collar recruiters are being hammered by this Government. But these great companies cannot just disappear, losing all these jobs with them.

“We see that TBC is fundamentally a strong business with a loyal client base and a highly experienced team. Bringing TBC under the Magnus brand allows us to provide the resources, technology and commercial support needed to help the business become profitable again and realise its full potential.”

Mr Fox said: “I’m really very pleased and excited for TBC’s next steps. We’ve worked hard and grown into a wonderful team. But my time is now to move away for the new talent to take over.

“Nick has offered me a solution in order to continue the business under new ownership without my team being affected. It’s an exciting future for them all, which I will watch from afar with great confidence and pride.”

Americans are paying more for gas nationwide, with some states hit harder than others as the Iran conflict drives oil prices higher.

The national average is now $3.95 per gallon, up $1.02 from a month ago, according to AAA.

Prices are climbing across nearly every region, with some states already well above the national average. On the West Coast, drivers are seeing the highest costs, with prices reaching $5.79 per gallon in California and $5.27 in Washington.

OIL, GAS PRICES JUMP AS TRUMP FLIRTS WITH STRIKING IRANIAN OIL INFRASTRUCTURE

Along the East Coast, gas prices are approaching or exceeding $3.70 in several areas, including $3.86 in New York and $3.80 in Maine.

In the Midwest, Illinois stands out at $4.16 per gallon, while much of the region remains closer to the mid-$3 range. Southern states are generally lower, though still rising, with Texas at $3.62 and Florida at $3.93.

THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT

Gas prices are climbing across nearly every region in the United States due to the ongoing conflict in the Middle East. (Justin Sullivan/Getty Images)

Diesel is outpacing gasoline due to its link to freight and industry, meaning increases can ripple through supply chains and raise costs. It averaged $5.28 a gallon, up $1.69 over the same period, according to AAA.

The surge comes as traders closely watch the Strait of Hormuz, a critical global energy chokepoint where tanker traffic has slowed to a crawl as tensions intensify.

TRUMP PROMISED LOWER COSTS; THE IRAN CONFLICT NOW THREATENS THAT PLEDGE

A satellite image shows the Strait of Hormuz, a key maritime passage connecting the Persian Gulf to the Gulf of Oman, vital for global energy supply. (Amanda Macias/Fox News Digital)

Just 21 miles wide at its narrowest, the waterway between Iran, the United Arab Emirates and Oman carries roughly 20 million barrels of oil per day and about one-fifth of global liquefied natural gas, along with significant volumes of jet fuel.

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For U.S. drivers, prices could keep climbing just as summer travel and road trip season begins.