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The $150 Redline: Treasury Secretary Scott Bessent Defends "Sanctions Flexibility"
Bessent Argues Temporary Relief Prevented a "Doomsday Spike"; Claims Gasoline Prices Will Drop Below Pre-War Levels Post-Conflict
On Wednesday, April 22, 2026, U.S. Treasury Secretary Scott Bessent delivered a high-stakes defense of the administration's recent energy policies before a Senate subcommittee. Addressing the volatility triggered by the ongoing conflict in the Middle East, Bessent revealed that without the strategic use of temporary sanctions waivers, global oil prices could have easily accelerated to $150 per barrel.The Treasury Secretary’s remarks come at a critical juncture for the Trump Administration, which has faced bipartisan scrutiny for briefly easing sanctions on Russian and Iranian oil to stabilize a market rattled by the closure of the Strait of Hormuz.
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