Bessent: Oil to drop much lower than $80 in months

 United States Treasury Secretary Scott Bessent predicted on Monday that oil prices will decrease to "much lower" than $80 per barrel in a few months. He estimated that the current oil deficit due to reduced shipping via the Strait of Hormuz is between 10 and 14 million barrels per day. However, he noted that the strait is not completely closed and that some Iranian, Indian and Chinese tankers are coming through as part of a "natural opening" by the Iranian regime.

Speaking to CNBC, Bessent commented on US President Donald Trump's visit to China, scheduled from March 31 to ⁠April 2. He said that it is still unclear whether the trip will be postponed and that any potential delays will not be related to the Strait of Hormuz. His statement contradicted Trump, who hinted on Sunday that he could delay the visit if China does not help the US secure the strait.

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