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US Treasury Secretary Scott Bessent has forecast a significant decline in oil prices.
In an interview with Fox News, Bessent said oil prices ought to be much lower after the war, adding that the futures market signals a downward trend.
He said Iran does not earn substantial revenue from tolls in the Strait of Hormuz, and more vessels are expected to pass through the waterway in the coming days.
Separately, seven member states of the OPEC+ alliance have announced an increase in oil production.
Following the UAE’s separation, the OPEC+ meeting approved a rise of 188,000 barrels per day in output. The decision will take effect from June.
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