US Treasury Secretary Scott Bessent predicts an oversupply of crude oil to the global market, which may possibly bring the price down to $40 per barrel, Al Jazeera reports.
“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 says on former White House adviser Steve Bannon’s ‘War Room’ podcast.
He adds that the US is escalating sanctions on banks still trading with Iran as part of new measures imposed by Washington.
“We have sanctioned another bank tied to Iran. Last week, we sanctioned an Egyptian bank with five Dubai branches that gave the regime $1.8 billion. We’ll sanction another bank today and we will probably sanction another bank next week. We know who the bad actors are. You know who you are. It’s over”, he warns.
