According to Treasury Secretary Scott Bessent, what two specific conflicts are driving the current global energy shock and rising U.S. fuel prices?

Treasury Secretary Scott Bessent explicitly attributed the current global energy shock to 'both the war in Ukraine, because Ukraine has decided that they want to blow up Russian energy assets and refined products' — which is creating upward price pressure globally — 'and then the conflict in Iran.' He linked the latter to disruption of shipping through the Strait of Hormuz, which has surged global energy prices over the last six months, pushing oil to around $100 a barrel and fueling global inflation.

How have Ukraine’s strikes on Russian energy infrastructure directly affected global diesel supply and U.S. domestic fuel markets, according to the news body?

Ukraine’s strikes on Russian energy facilities have forced Moscow to extend its ban on diesel exports through the end of the month, tightening global diesel supplies; this, combined with fewer fuel cargoes transiting the Strait of Hormuz compared to crude, has exacerbated supply constraints worldwide. As a result, U.S. diesel exports have surged to record levels to fill the gap, causing domestic inventories — especially East Coast diesel stocks — to fall to the lowest level on record heading into winter, while U.S. gasoline pump prices remain above $4 a gallon (the highest for this time of year on record) and retail diesel prices approach record highs.

Bessent Blames High Energy Prices on Ukraine’s Russia Strikes

Sep 2, 2026

US Treasury Secretary Scott Bessent linked rising global energy prices to Ukrainian strikes on Russian assets and Middle East conflicts. Supply disruptions in the Strait of Hormuz and export bans have pushed oil near $100 per barrel, driving up domestic fuel costs significantly.

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Bessent Blames High Energy Prices on Ukraine’s Russia Strikes

Bessent Blames High Energy Prices on Ukraine’s Russia Strikes

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