Key facts
- Treasury Secretary Scott Bessent stated Ukraine's attacks on Russian energy infrastructure are causing global price increases.
- Bessent indicated that the conflict in Iran will conclude, leading to a decrease in energy prices.
- The average national gasoline price has risen to $4.12 per gallon.
- The Trump administration is seeking to lower gas prices ahead of the midterm elections.
- The White House has secured an oil deal with Venezuela.
Treasury Secretary Scott Bessent stated that Ukraine's attacks on Russian energy infrastructure are contributing to a global energy shock and driving up prices. Bessent made these remarks following a meeting with Russia's finance minister, suggesting that the conflict in Iran will also conclude, leading to a decrease in energy prices. The average national gasoline price has reached $4.12 per gallon, an increase of nearly a dollar from the previous year. The Trump administration is actively seeking to lower fuel costs ahead of the upcoming midterm elections. As part of these efforts, the White House announced a new oil deal with Venezuela, involving 17 offshore oil fields with substantial reserves, granting the U.S. rights to a portion of the output. President Trump is also reportedly working to facilitate safe passage for global shipping firms through the Strait of Hormuz, despite ongoing threats from Iran.