Bessent Warns of Oil Price Crash to $40-$50 Amid Iran Conflict Resolution
Treasury Secretary Scott Bessent expects oil prices to plummet in the wake of the Iran conflict resolution. Speaking on Fox News, he said that the end of the war would lead to a surge in supply, causing prices to drop significantly.
Bessent also referred to the US as an 'energy superpower', citing solid job and wage growth. He predicted that real wages will rise further as the war comes to an end.
Not everyone shares Bessent's optimism. Economist Peter Schiff took a swipe at his comments, saying he doesn't think Bessent believes what he's saying. BlackRock CEO Larry Fink previously made a similar prediction, stating that oil prices could fall below $50 a barrel if the Iran war ends with the country 'neutralized'.
Brent crude oil futures expiring in October are trading at $97.03 per barrel, while WTI crude futures expiring in October are trading at $91.87 per barrel.