Oil shipments through the Strait of Hormuz have returned to normal levels following a preliminary agreement between the U.S. and Iran to reopen the strategic waterway while negotiators continue talks to resolve outstanding disputes over Tehran's nuclear program, Energy Secretary Chris Wright told ABC News' "This Week" on Sunday.

Wright said energy markets stabilized after disruptions caused by the conflict and predicted further declines in fuel costs for American consumers.

"I'm long out of the business of predicting oil or gasoline prices, but they will continue to head down," Wright said. "Flows of oil and natural gas through the straits have already returned to normal, and they will continue that way whatever happens with the negotiations with the Iranians."

The agreement includes a U.S. decision to waive sanctions on Iran's oil sector, letting Tehran sell crude on global markets without major restrictions for the first time in more than a decade.

The sanctions relief is part of a broader diplomatic framework intended to support negotiations over Iran's nuclear activities during the next two months.

Wright minimized the significance of the sanctions waiver, arguing that Iran has continued exporting oil despite years of restrictions.

"Iranians have been selling oil most of the last 47 years," Wright said. "That's all they're getting, is the ability to yet sell their oil again."

He added that the administration demonstrated its leverage by temporarily curbing Iranian oil exports and warned that broader economic concessions would remain contingent on progress in the nuclear talks.

"They're not going to get any of the other funds released, their own frozen funds released, unless there's progress, meaningful and provable progress in the nuclear talks," Wright said.

The energy secretary said ongoing negotiations are intended to clarify Iran's objectives and determine what concessions Tehran may be willing to make.

"They don't have the leverage they've always had in talks before," Wright said.

President Donald Trump has defended the agreement as a way to avoid prolonged disruptions to global energy supplies.

Trump said Wednesday that he wanted to prevent an economic crisis that could have resulted from continued disruptions to traffic through the Strait of Hormuz, one of the world's most important energy transit routes.

Wright said Trump understood that military action against Iran's nuclear program carried risks for global energy markets but believed the threat of a nuclear-armed Iran posed a greater danger.

"The president has been advised all along ... that there was enormous risk to energy flows to engage the Iranians on their nuclear program in a military fashion," Wright said. "But he simply was unwilling to leave to his successor a nuclear-armed Iran."

Wright credited Trump with accepting short-term economic costs to pursue military objectives against Iran.

"He knew he was going to drive up energy prices in the short run," Wright said. "He had the courage to take the action anyway, to destroy their air force, their navy, most of their nuclear program, and a lot of their military-industrial complex."