Overview
- Treasury Secretary Scott Bessent told Fox & Friends on Wednesday that U.S. price increases reflect an "energy shock" driven by Ukrainian attacks on Russian energy infrastructure and the conflict with Iran.
- Bessent also criticized "Biden-era" inflation figures and said recent trade moves, including the collapsed Canada deal, would have little effect on American prices.
- The remarks drew immediate criticism from commentators and analysts who said blaming Ukraine undercuts U.S. policy toward Kyiv and appeared to echo the administration's outreach to Russian officials at recent international meetings.
- Reporters and analysts tied Bessent's comments to wider administration steps—an oil arrangement with Venezuela, encouragement of shipping through the Strait of Hormuz, and U.S. engagement with Russia—that aim to calm markets but have sparked concern about pressure on Ukraine.
- Energy markets have been volatile because of long-range Ukrainian strikes on Russian refineries and Iran-related disruptions in the Strait of Hormuz, which tightened global fuel supplies and pushed oil toward about $100 a barrel and pump prices above $4 per gallon.