US Treasury Secretary Scott Bessent expects oil prices to decline sharply after the Iran conflict ends, potentially reaching $40 a barrel due to rising global supply. He said lower crude prices could ease inflation pressures and push bond yields lower, while dismissing concerns over Norway’s possible reduction in US Treasury holdings
US Treasury Secretary Scott Bessent has predicted a steep decline in oil prices once the Iran conflict comes to an end, saying increased global supply could push crude prices down to as low as $40 a barrel, Bloomberg reported.
Speaking in an interview, Bessent said the oil market could face a supply surplus after the conflict, with additional production capacity expected to come online.
He suggested that crude prices could fall to the $50-$40 range as supply expands, though he did not provide a timeline for when hostilities would end.
Oil prices drive inflation and bond market concerns
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