Bessent Predicts Oil Prices Could Plummet to $40-$50 After Iran Conflict Ends

Treasury Secretary Scott Bessent predicts oil prices could drop to $40-$50 after the Iran conflict is resolved. He believes this will happen because of a surge in supply, which is currently constricted due to the conflict.

Bessent made these comments on Fox News' 'My View with Lara Trump.' He also stated that the U.S. economy is strong and undergoing a productivity burst, citing solid job and wage growth.

He mentioned that the Strait of Hormuz's importance to global oil trade will diminish as Gulf nations build alternative pipeline routes, reducing Iran's ability to disrupt oil flows.

Economist Peter Schiff criticized Bessent's comments, saying 'Don't believe anything this guy says. I don't think he believes what he is saying either.'