US’ Bessent blames high energy prices on Ukraine’s Russia strikes
US Treasury Secretary Scott Bessent said Ukrainian drone strikes on Russian energy facilities were one reason for rising global energy prices, citing those attacks before mentioning the conflict in Iran. The disruption of shipping through the Strait of Hormuz has led to a surge in global energy prices, pushing oil to around US$100 a barrel. Bessent's remarks were consistent with the administration's willingness to pressure Ukraine and court Russia in pursuit of a diplomatic deal.
Why it matters: This relates to the theme of energy security and geopolitical tensions, as it highlights how the Ukraine conflict and Middle East instability are driving global energy prices and inflation.