U.S. Treasury Secretary Scott Bessent says rising energy prices are partly driven by an “energy shock” linked to wars that disrupt global fuel supplies. Speaking on Fox & Friends, he points to conflict-related damage and attacks affecting energy infrastructure, arguing that these disruptions push prices higher.
Bessent specifically references Russia-Ukraine hostilities, including Ukrainian drone strikes on Russian energy facilities, as one factor behind elevated global energy costs. He also ties the broader “energy shock” to the continuing war involving Iran and Russia’s war against Ukraine. In the same appearance, he rejects the idea that a separate Trump administration trade dispute with Canada would meaningfully affect American prices, contrasting energy-linked conflict impacts with trade-related ones.
The outlets agree on Bessent’s core claim that Ukraine-related and Russia-linked strikes on energy infrastructure contribute to higher prices, while his remarks also place these effects within a wider wartime context involving Iran and the Russia-Ukraine conflict.
