Bessent Baffles Over Oil Price Spike as Khanna Blames Trump

Treasury Secretary Scott Bessent faced criticism on Thursday after saying he didn't 'really understand' a sudden spike in oil prices. The prices of Brent crude futures rose 2.4% to close at $93.78 per barrel, while West Texas Intermediate futures for October delivery climbed 2.7% to $86.64.

Bessent made the comments during a discussion about financial markets and the Treasury Department's efforts to bring markets back into equilibrium. He said that he was confident bond yields would continue declining, but expressed confusion over the oil price spike.

However, Representative Ro Khanna (D-Calif.) quickly responded with criticism of President Donald Trump's actions in Iran, saying that they were driving energy costs higher. 'I understand why, Scott. Your boss started a dumb war with no plan, and Americans are paying for it,' Khanna wrote on social media.

Bessent argued that the administration's economic measures against Iran could ultimately push oil prices lower, but his comments sparked debate among investors and politicians.