Bessent at Odds with Critics Over Oil Price Spike

Treasury Secretary Scott Bessent expressed confusion over the sudden spike in oil prices to $88.15 on Thursday, Aug. 20, 2026. He called it 'noise' and reiterated confidence in the administration's fiscal approach.

The move comes as the war between the United States, Israel, and Iran nears its six-month mark on Aug. 28, 2026.

Bessent's comments contrast with those of critics who linked the oil price spike to Iran's pledge to keep the Strait of Hormuz closed.