Commodities
Oil Prices Could Plunge to $40 as Iran Conflict Ends
US Treasury Secretary Scott Bessent warns that crude oil prices could plummet to $40 a barrel once the Iran conflict subsides. 'We're going to get on the other side of this Iran conflict, and I expect that oil will come down,' he said in a statement.
Brent crude is currently trading above $95 a barrel, while West Texas Intermediate is around $91. The recent surge in oil prices has raised concerns about inflation, which can feed into consumer prices and contribute to higher government bond yields.
The US 10-year Treasury yield reached its highest level since 2023 this week, further exacerbating inflation worries.