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

Treasury Secretary Scott Bessent said Sunday that oil prices could drop before the end of the year, but it depends on what happens in the Iran conflict. Speaking on NBC News’ “Meet the Press,” Bessent responded to questions about the likelihood of lower prices by early 2027 and to President Trump’s claim that “this is his economy.” Bessent described the U.S. as having been hit by an “energy shock,” while adding that “core inflation is down,” rents are down, and food is below the Fed’s targets. He cited large historic decreases in prescription-drug costs and argued wage growth has remained “persistent.” Asked about responsibility for inflation after a September uptick to 3.7%, Bessent said the administration would “own the economy.” The interview also referenced Trump’s decision Saturday to waive Russian sanctions tied to a package named after the late Sen. Lindsey Graham, days after a deal allowing diesel fuel into the U.S. The piece noted the national gas average at $4.29 on Sunday, according to AAA.