Treasury Secretary Scott Bessent has forecasted that oil prices may decrease to between $40 and $50 per barrel after the resolution of the Iran conflict. He is optimistic, noting that the constraints currently limiting supply will ease, leading to an abundance of oil in the market.
In an interview on ‘My View with Lara Trump,’ Bessent highlighted that the American economy remains robust and is gaining momentum. He described the nation as experiencing a ‘productivity burst,’ indicating strong growth across jobs and wages. Speaking outside the White House in Washington, D.C., on November 5, 2025, Bessent shared these insights with the media.
“On the other side of this, we actually could see oil prices $40 or $50 because there’s so much supply coming on. It’s just constricted right now,” Bessent told Fox News host Lara Trump.
With tensions high and amid challenges from U.S.-supported routes bypassing Iran, the Treasury Secretary reassured that the current ‘energy supply shock’ is temporary. He emphasized the U.S.’s status as an ‘energy superpower’ and its leadership in artificial intelligence and global computing power.
Bessent also credited former President Trump’s immigration policies with aiding job return for Americans, stating that wage growth continues despite inflation. He acknowledged that working-class Americans are experiencing improvements but emphasized the need for more substantial gains.
He mentioned a ‘manufacturing renaissance’ and ‘construction renaissance,’ asserting that wage increases will persist, and once the conflict subsides, real wage gains will be realized.
As U.S. strikes on Iranian tankers maintain tensions between Washington, D.C., and Tehran, Bessent suggested that Gulf countries might develop pipeline alternatives to reduce reliance on the tumultuous Strait of Hormuz. This would limit Iran’s ability to disrupt global oil flow.
“This is the greatest economic isolation operation in the history of the world. We are going to asphyxiate this regime,” Bessent stated, referencing the strategic blockades and sanctions against Iran.
Bessent remains hopeful for a conclusion to the Iran conflict, forecasting a safer world, an Iran without nuclear capabilities, and a phase of economic lift-off.
Max Bacall, an associate editor for Fox News Digital, has covered this report, focusing on media, culture, and comedy.