‘Sharp drop expected in global oil prices’

US Treasury Secretary Scott Besant has forecast a significant decline in global oil prices, citing strong American energy production and shifting market dynamics in the aftermath of ongoing geopolitical tensions.

In a recent interview with a US television network, Besant said energy prices are likely to fall once current conflicts subside, pointing to the United States’ growing role as a leading energy exporter. He noted that US exports of oil and other energy resources are already at elevated levels.

According to Besant, the primary factor limiting further expansion is not supply, but infrastructure. He noted that improvements in transportation and export capacity could unlock even greater output, reinforcing the US position in global energy markets.

“The United States is in a very strong position,” he said, describing the country as a major beneficiary of current energy trends.

Besant also addressed maritime activity in the Strait of Hormuz, a key global shipping route, suggesting that traffic through the corridor could increase in the near future. He downplayed the effectiveness of Iran’s reported efforts to extract tolls from vessels transiting the strait, indicating that such measures are not yielding significant gains.

On the geopolitical front, Besant stated there are no expected changes to the planned meeting between US President Donald Trump and China’s leader Xi Jinping, signaling continuity in high-level diplomatic engagement between the two nations.

His remarks come at a time of heightened global focus on energy security, trade routes, and the balance of power in international markets.US Treasury Secretary Scott Besant has forecast a significant decline in global oil prices, citing strong American energy production and shifting market dynamics in the aftermath of ongoing geopolitical tensions.

In a recent interview with a US television network, Besant said energy prices are likely to fall once current conflicts subside, pointing to the United States’ growing role as a leading energy exporter. He noted that US exports of oil and other energy resources are already at elevated levels.

According to Besant, the primary factor limiting further expansion is not supply, but infrastructure. He emphasized that improvements in transportation and export capacity could unlock even greater output, reinforcing the US position in global energy markets.

“The United States is in a very strong position,” he said, describing the country as a major beneficiary of current energy trends.

Besant also addressed maritime activity in the Strait of Hormuz, a key global shipping route, suggesting that traffic through the corridor could increase in the near future. He downplayed the effectiveness of Iran’s reported efforts to extract tolls from vessels transiting the strait, indicating that such measures are not yielding significant gains.

On the geopolitical front, Besant stated there are no expected changes to the planned meeting between US President Donald Trump and China’s leader Xi Jinping, signaling continuity in high-level diplomatic engagement between the two nations.

His remarks come at a time of heightened global focus on energy security, trade routes, and the balance of power in international markets.