Bessent expects Iran war will lead to lower energy prices long-term

Treasury Secretary Scott Bessent sounded on optimistic tone on Thursday, asserting in a Cabinet meeting that the resolution of the Iran war would lead to energy prices falling below pre-war levels.”And I believe energy prices will be lower, inflation will be lower before we had the appearance of security which is not real security,” Bessent said. “Now the American people will have absolute security through your maximum pressure campaign.”
He further highlighted the efforts of his department to deprive Iran of alternative financial outlets to support itself ahead of the conflict, saying that the year-long effort had paved the way for the current conflict.
“Treasury has worked to uncover all financial lifelines through the regime and cut them off. You gave that order last March,” he said. “This was not something that happened overnight. This is something that has been contemplated for almost a year. They’re fine that the Iranian financial system collapsed in December. We have systematically weakened Iran’s ability operations and procure weapons, and that required months of preparations.”
Bessent went on to assert that the energy market was strong and would be able to weather the current disruptions.
“The oil market is well supplied. We have taken actions to ensure oil supplies stranded at sea are made available to the global market. Your bold actions like the development finance corporations, maritime reinsurance program, in conjunction with sent with Central Command, will soon provide shippers region with a level security we have never seen before,” he said. “Mr. President, we are starting to see more and more movement in and out of the Gulf today, and this is more than yesterday, and this is the beginning. I am confident that shipping traffic will continue to increase on a daily basis, even before we secure the straights.”
Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.

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