Bessent Sees Oil Prices Tumble to $40-$50 Post-Iran Conflict

US Treasury Secretary Scott Bessent predicts that oil prices could plummet to $40-$50 per barrel after the conflict with Iran ends, citing an impending oversupply in the market.

Bessent's forecast comes at a time when Brent is trading above $95 per barrel, while US WTI is at around $91. The ongoing war between the United States and Iran has driven energy prices higher.

According to Bessent, the end of the conflict will lead to cheaper oil, which in turn could contribute to lower inflation and interest rates in the US. However, he did not provide a specific timeline for the end of the war.