Oil Price Pressure to Ease Once Supply Routes Normalize, Says US Treasury Secretary
WASHINGTON – US Treasury Secretary Scott Bessent has said that uncertainty in global oil markets is temporary and pressure on oil prices will ease once supply routes return to normal.
In an interview with CNBC, he stated that disruptions in oil transportation occur from time to time, adding that any potential closure of the Strait of Hormuz is also a temporary issue that has contributed to recent price increases.
He expressed confidence that global oil prices could decline sharply in the coming months as supply chain disruptions stabilize and market conditions improve.
Bessent further said that the United States is producing oil at record levels and will continue to maintain high production, which is expected to help reduce both energy prices and inflation.
He also expressed hope that China would play a role in reopening and stabilizing key maritime routes, noting that the Chinese economy heavily depends on Gulf energy supplies.
