Bessent Sees Oil Price Decline Amid US Pressure on Iran

US Treasury Secretary Scott Bessent stated in an interview that oil prices are expected to decline. He emphasized that President Donald Trump has expressed Iran is not ready for a deal, and 'Operation Outcast' aims to create conditions pushing Iran towards negotiations.

Bessent also mentioned that the US shares some areas of alignment with China on the issue of Iran.

In discussing monetary policy and inflation, Bessent declined to speculate about potential Federal Reserve actions, citing that rates are not traditionally raised during a supply shock. He noted core inflation has remained 'very restrained' and stated he is in agreement with Fed Chair Warsh regarding bonds.

Bessent spoke on Japan's currency policy, stating the Japanese government and Bank of Japan will take steps to strengthen the yen. He also mentioned meeting his Canadian counterpart, emphasizing that the US is not at war with Canada.