Scott Bessent blames Ukraine for high oil prices

U.S. Treasury Secretary Scott Bessent pointed to Ukraine and Iran as the two forces behind what he called an energy shock pushing up global oil prices.

Speaking to Fox News, Bessent said Ukrainian attacks on Russian energy assets and refined-product facilities were creating pressure on international prices. He also identified the conflict involving Iran as a second source of the market disruption, while saying that conflict would end.

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We are now going through an energy shock, because of both the war in Ukraine, because Ukraine decided it wants to destroy Russian energy assets and refined products, so that creates pressure on global prices, and the conflict in Iran.

Bessent was asked about Russia’s declaration of support for Iran as Washington pursues a campaign to isolate Tehran economically. His message to Moscow and other countries was blunt: “Stay away from Iran.” He said the fastest way to end the conflict was for countries to stop supporting the Iranian regime.

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Stay away from Iran.

The treasury secretary cited sanctions against branches of Egypt’s Banque Misr in Dubai as an example. He said those branches had transferred more than $1.8 billion to the regime since 2025. “We will systematically pursue every such bad actor,” Bessent said, adding that teams from the Treasury Department, State Department and Pentagon were holding detailed discussions around the world with those supporting Iran.

Secretary of State Marco Rubio, speaking in a separate interview on Wednesday, appeared to minimize the importance of Russian assistance to Tehran. He said Russia had “its own set of problems,” particularly the war in Ukraine and the effect of Ukrainian attacks on Russia’s economy alongside sanctions. Washington, he said, could still protect the United States regardless of what others supplied to Iran.

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We will systematically pursue every such bad actor.

Bessent’s criticism of Ukrainian strikes on Russian energy facilities is not the first from Washington, although President Donald Trump has also expressed admiration for Ukraine’s campaign. The strongest U.S. condemnation focused on attacks on the Black Sea port of Novorossiysk, a major hub for Russian oil exports. The strikes reportedly affected the interests of U.S. companies with stakes in a pipeline carrying oil from Kazakhstan.

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Nothing anyone supplies to Iran in any way hinders us from acting to protect the United States.