Bessent Blames Ukraine for 'Energy Shock' Amid Ongoing Iran Conflict
Treasury Secretary Scott Bessent partially blames Ukraine for the global 'energy shock', stating that Kyiv's attacks on Russian energy infrastructure are contributing to price pressure driven by the U.S.-Iran war.
The conflict in Iran poses an immediate threat to global oil supplies, with Brent crude trading near $95 a barrel Thursday after renewed U.S.-Iran strikes. Ukraine has intensified drone strikes on Russian refineries, forcing Moscow to cut its 2026 oil-output forecast to 9.88 million barrels per day, a 17-year low.
Bessent acknowledged that prices are 'too high' but said 'overall, prices are coming down, core inflation is very under control.' However, Ukrainian official Anton Gerashchenko countered that the Iran war has affected energy markets significantly more than Kyiv's strikes on Russia's war-making capacity.