BAKU, Azerbaijan, September 4 US Treasury Secretary Scott Bessent has predicted that global crude oil markets could face a significant oversupply, potentially pushing oil prices down to between $40 and $50 per barrel.
Speaking on Steve Bannon’s War Room podcast, Bessent said he expected increased supply in the global oil market following recent developments.
“I actually think we are going to be very much oversupplied in the oil market after this. We can see $40–50 crude maybe,” Bessent said.
The Treasury Secretary also announced that the United States is expanding sanctions against banks accused of maintaining financial ties with Iran.
Bessent said Washington had imposed sanctions on another bank linked to Iran and claimed that an Egyptian bank with five branches in Dubai had provided $1.8 billion to the Iranian government.
He added that further sanctions against additional financial institutions were expected in the coming days.
The comments come as the US continues its campaign of economic pressure against Iran while global energy markets remain sensitive to geopolitical developments.
