Bessent stated that oil prices could have reached $150 per barrel absent the recent sanctions policy shift. The market impact stems from altered supply expectations, as sanctions relief or adjustments can increase crude availability, particularly if they enable greater exports from constrained producers like Iran or Venezuela. This directly affects Brent and WTI futures, energy equities, and currencies of major oil exporters, which are sensitive to shifts in global supply dynamics. Traders are now focused on the next OPEC+ meeting, where production quotas and potential coordination with sanctioning countries could clarify the near-term supply outlook.
BESSENT: OIL COULD HAVE GOT TO $150 IF NOT FOR SANCTIONS MOVE
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