Treasury Secretary Scott Bessent addressed the future of oil prices during a recent appearance on NBC News’s “Meet the Press.” When asked by host Kristen Welker about the likelihood of seeing lower oil prices by the start of 2027, Bessent indicated that such a shift is possible but explicitly tied the outcome to the trajectory of the conflict involving Iran.

Bessent’s remarks follow President Trump’s previous assertions regarding his administration's ability to influence energy costs. While the administration has expressed optimism about stabilizing or reducing prices, Bessent’s comments highlight the significant role that geopolitical instability in the Middle East plays in domestic energy markets. The Treasury Secretary did not provide a definitive timeline or guarantee for price reductions, emphasizing instead that the situation remains fluid and dependent on external military and diplomatic developments. The discussion reflects the broader challenge the current administration faces in balancing campaign promises regarding energy costs with the realities of global supply chain disruptions and regional warfare.