Bessent says dropping oil prices before 2026 ends ‘will depend’ on Iran conflict

Treasury Secretary Scott Bessent on Sunday said oil prices could go down before the end of the year, but it will depend on the Iran war.

NBC News’s “Meet the Press” host Kristen Welker asked Bessent about the chances of lower prices by the start of 2027, adding President Trump’s assertion that “this is his economy.”

“Well, again, it will depend on what happens with the Iran conflict,” Bessent replied.

The secretary said the U.S. was hit with an “energy shock” after the conflict began but that “core inflation is down.”

“The food is below the Fed’s targets,” he continued. “The prescription drugs have had the biggest decrease in history. Rents are down. So this is an energy shock. We will get to the other side of the Iran conflict, and those prices will come down.”

Bessent said wage increases under the Trump administration have stayed “persistent” during the course of the conflict, but Welker said inflation ticked up to 3.7 percent in September after it was at 3 percent when Trump entered office. She asked when the administration will take responsibility for the economy.

“Well, we will own the economy,” Bessent replied. “So far this year, we’ve got a million private-sector jobs. We’ve never had this many people working in the U.S. The net worth of American households are the highest that it’s ever been.”

“So, Kristen, let’s be clear here,” the secretary added. “This is an energy supply side shock. We will get to the other side of this. This is one factor.”

Trump on Saturday waived Russian sanctions outlined in a recent legislative package named after late Sen. Lindsey Graham (R-S.C.), days after he struck a deal with the Kremlin to permit diesel fuel into the U.S. and global marketplace, drawing condemnation from lawmakers on both sides of the aisle.

Welker asked Bessent if this deal was “rewarding a dictator who invaded Ukraine.”

“President Trump has made it clear he wants the killing to stop,” he said. “And the so-called Graham bill gives the president the flexibility, gives him 60 days to assess the situation.”

He asked why the U.S. should bear the burden while European countries utilize Russian energy and that the U.S. has not revoked former President Biden’s sanctions on Russia before the transition of power with Trump in January 2025.

A Fox News poll released last week showed 83 percent of Americans are concerned about high gas prices. The price at the pump has soared in the nearly eight months since the Iran war began, with the national average on Sunday listed at $4.29, according to AAA.

Energy Secretary Chris Wright said the Trump administration has not broken its promise to lower gas prices, noting that they have lowered in recent weeks.

When pressed by CNN’s Dana Bash on “State of the Union” if he was comfortable with the price of gas, Wright replied, “No, of course I’m not comfortable but I’m happy they’re coming down.”

“They have gone down the last few weeks, as have diesel prices, and they will continue to come down. That’s what President Trump works on every day,” he added.