Scott Basset, the U.S. Treasury Secretary, discussed the state of the oil market in a television interview on Sunday and stated that oil prices are expected to decrease before the end of 2026. However, he emphasized that this matter depends on the status of the Iran war.
Oil Price Forecast and Its Impacts
Basset told the program's host, Christian Walker, on "Meet the Press" that if the war in Iran continues, it could have significant impacts on oil prices. He pointed out that oil prices are influenced by multiple factors, and no single factor can provide an accurate prediction of the future oil market.
He stated that given the global conditions and existing tensions, especially in the Middle East, oil prices may experience significant fluctuations. Basset also referenced former U.S. President Donald Trump's remarks that reducing oil prices would be one of his priorities.
Challenges Ahead in the Oil Market
These statements come as the oil market has experienced significant fluctuations in recent months. Given the political and military developments in the Middle East, market analysts are closely monitoring the situation of the Iran war and its impact on oil supply and demand.
Some experts believe that if tensions in Iran decrease, oil prices may significantly drop. Meanwhile, others argue that even if tensions decrease, the impacts of other factors such as climate change and global demand must also be considered.
Ultimately, Basset emphasized that accurately predicting oil prices under current conditions is very difficult, and multiple factors must be taken into account. He also noted that the U.S. government is seeking solutions to manage oil market fluctuations and maintain economic stability.
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