U.S. Treasury Secretary Scott Bessent has blamed Ukrainian attacks on Russian oil facilities for pushing up global energy prices, saying strikes on energy assets and refined products are creating upward pressure. He also linked prices to an energy shock from the wars in Ukraine and Iran, but said costs should fall when the Iran conflict ends. A former Ukrainian official disputed Bessent’s assessment, arguing the closure of the Strait of Hormuz and Iran war have had a greater market impact.
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