Bessent Sees Oil Prices Plummet to $40 Post-Iran Conflict

Treasury Secretary Scott Bessent expects oil prices to plummet once the Iran conflict is resolved, potentially reaching as low as $40 a barrel. This, in turn, could bring down bond yields that have recently hit record highs.

Bessent's prediction was made during an interview with Steve Bannon, which aired on September 4, 2026. According to Bessent, the oil market will become severely oversupplied after the conflict, leading to a significant decrease in prices.

He specified that crude oil could potentially drop to $50 or $40 per barrel due to the abundance of new supply coming online.