Bessent Sees Oil Falling to $40-$50 a Barrel as Iran Supply Constraints Ease
Updated
Updated · Fox News · Sep 6
Bessent Sees Oil Falling to $40-$50 a Barrel as Iran Supply Constraints Ease
3 articles · Updated · Fox News · Sep 6
Summary
$40-$50 oil is possible after the Iran conflict ends, Treasury Secretary Scott Bessent said, arguing current prices reflect a temporary supply squeeze rather than lasting scarcity.
Abundant supply is waiting to come online once constraints ease, he said, while Gulf states build pipeline routes that could reduce the Strait of Hormuz's importance to global crude flows.
Bessent tied that outlook to a broader claim that the U.S. economy is accelerating, citing strong job and wage growth, a "productivity burst," and what he called a manufacturing and construction renaissance.
Saturday's U.S. strikes on Iranian tankers have kept Washington-Tehran tensions high, but Bessent said sanctions and blockade pressure would further isolate Iran and leave the world safer after the conflict.