Bessent blames Ukraine for energy price surge

U.S. Treasury Secretary Scott Bessent stated on Wednesday, September 2, 2026, that Ukraine's attacks on Russian energy infrastructure are a significant factor contributing to the current global energy price surge. Speaking after a Group of 20 summit held in the United States, Bessent also cited the ongoing conflict in Iran as a cause for the energy shock affecting the world economy. Bessent's remarks came as Brent crude oil prices hovered around $91 per barrel as of Friday, September 4, 2026, a notable increase from earlier in the year. U.S. diesel fuel prices also approached record highs. The Treasury secretary specifically pointed to Ukraine's decision to target Russian energy assets and refined products, asserting that these actions create upward price pressure on a global basis. He added that the conflict in Iran, which has disrupted key oil shipment routes like the Strait of Hormuz, also plays a role, expressing confidence that this conflict would conclude soon. The comments were made during an interview on Fox News and followed a G20 meeting where Bessent reportedly met with Russia's finance minister, a move that reportedly displeased some European allies.