🔶 U.S. Treasury Secretary’s prediction about oil prices falling after the end of the dispute with Iran

Scott Bessent, the U.S. Treasury Secretary, said that after the end of the ongoing military dispute with Iran, global oil prices could fall by $40 to $50 per barrel.

In an interview with Fox News, Bessent, referring to Washington’s steps to limit Iran’s energy exports, said that sanctions and a naval blockade have severely restricted Iran’s access to crude oil in global markets.

The Treasury Secretary also pointed to oil trade between Tehran and Beijing, saying that currently about 30 million barrels of Iran’s crude oil remain that China has not purchased, and this amount of reserves will soon run out.

He emphasized that current restrictions in the oil market are the result of military tensions with Iran, and said that with the end of this dispute and the entry of a large volume of production into the market, a supply surge will occur and the price of oil—which is currently high due to military clashes—will face a sharp drop.