Treasury Secretary Scott Bessent said oil prices will nosedive to as low as $40 a barrel once the Iran conflict is over, pulling down bond yields that have lately hit the highest levels in years.
“We’re going to get on the other side of this Iran conflict, and I expect that oil will come down,” Bessent said in an interview with Steve Bannon that aired Friday. “We’re going to be very much oversupplied in the oil market after this. We can see $50, $40 crude maybe, just because there’s so much coming online,” he said.
