Ukraine-Russia Conflict Drives Up Global Energy Prices

US Treasury Secretary Scott Bessent has pointed to Ukraine's attacks on Russian oil infrastructure as one of the factors driving up global energy prices. Speaking on Fox News after meeting with Russian Finance Minister Anton Siluanov at the G20 summit, Bessent said that 'the world is currently experiencing an energy shock' due to both the conflict in Ukraine and tensions around Iran.

The price of Brent oil has risen to over $97 per barrel, while diesel fuel costs have reached record levels in the US. According to S&P Global Energy analysts, Ukrainian strikes have disabled more than 30% of Russia's oil refining capacity.

Bessent emphasized the need for direct dialogue with Russia to find a way to end the conflict between Ukraine and Russia.