Treasury Secretary BESSENT told Fox News Wednesday that global energy prices are
an energy shock driven by Ukrainian drone strikes on Russian energy
assets and refined products and by the conflict with Iran. He said the Ukrainian
attacks have prompted Moscow to extend a diesel export ban through the end of
the month, and that lower fuel volumes transiting the Strait of Hormuz relative
to crude are tightening global supply. BESSENT also said pipelines and other
routes will eventually allow suppliers to bypass the Strait of Hormuz,
diminishing its importance over the coming years.
