In the US, Bessent says cheaper oil depends on the war in Iran — The Hill

In the United States, Treasury Secretary Scott Bessent said that oil prices may fall by the end of 2026, but this will depend on the course of the war in Iran. He said this on the Meet the Press program, The Hill reports.

Energy shock

NBC News host Kristen Welker asked Bessent about the likelihood of prices declining before the start of 2027. In response, he named the further development of the conflict in Iran as the determining factor.

According to Bessent, after the conflict began, the United States faced an “energy shock,” although core inflation is declining. He also said that housing rents and prescription drug costs were falling and that wages were growing steadily under Donald Trump’s administration.

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Welker noted that inflation in the United States in September, according to her, rose to 3.7% from 3% when Trump took office. Bessent replied that the administration would take responsibility for the state of the economy and referred to one million new private-sector jobs this year.

Fuel prices

According to a Fox News poll released last week, 83% of Americans are concerned about high gasoline prices. AAA reported that the average gasoline price in the country on Sunday was $4.29 per gallon.

US Energy Secretary Chris Wright said that the Trump administration has not abandoned its promise to lower gasoline prices. According to him, gasoline and diesel fuel prices have been declining in recent weeks and are expected to continue falling.